Annual Report 2017 - Fielmann · training and continued professional develop-ment every year. Fielmann places great expec-tations on its employees. Our stores generate between five

Annual Report 2017

II AnnualReport2017

2017 2016 2015 2014 2013

Sales in¤m

Externalsales1) incl.VAT 1,606.2 1,549.8 1,509.3 1,427.9 1,350.1

Change in% +3.6 +2.7 +5.7 +5.8 +4.7

Consolidatedsales excl.VAT 1,386.0 1,337.2 1,299.9 1,226.5 1,157.1

Change in% +3.6 +2.9 +6.0 +6.0 +4.5

Unit sales (glasses) in000’s 8,113 7,990 7,812 7,590 7,320

Change in% +1.5 +2.3 +2.9 +3.7 +3.5

EBITDA in¤m 291.3 281.6 278.5 263.8 233.3

Change in% +3.4 +1.1 +5.6 +13.1 +8.5

Pre-tax profit (EBT) in¤m 248.6 241.5 240.1 226.0 199.1

Change in% +3.0 +0.6 +6.2 +13.5 +10.2

Net income in¤m 172.9 171.2 170.5 162.8 142.0

Change in% +1.0 +0.4 +4.7 +14.6 +9.5

Cash flow from current business activity2) in¤m 287.1 219.2 160.6 156.7 23.5

Change in% 31.0 +36.5 +2.5 +566.8 –92.1

Financial assets in¤m 350.1 368.1 356.8 328.1 317.8

Change in% –4.9 +3.2 +8.7 +3.2 +10.7

Equity ratio in% 75.1 75.1 74.9 75.2 74.4

Investment in¤m 68.8 49.6 53.3 39.1 47.5

Change in% +38.7 –6.9 +36.3 –17.7 +48.0

Number of stores 723 704 695 687 679

Employees asat31.12. 18,522 17,873 17,287 16,732 16,158

ofwhichapprentices 3,417 3,190 3,065 2,922 2,874

Key data per share3)

Earningspershare(EPS) in¤ 1.99 1.98 1.97 1.87 1.64

Cashflowpershare2) in¤ 2.64 2.61 1.91 1.87 0.28

Dividendpershare in¤ 1.85 1.80 1.75 1.60 1.45

1)SalesincludingVATandinventorychanges2)Theincreasein2014isduetoaregroupingoftheinvestments3)Previousyear’sfigureshavebeenadjustedduetothestockspliton22August2014

Fielmann at a glance

KEYDATA

Fielmann stands for fashionable eyewear at fair prices. 90% of all German citizens have heard of Fielmann. We are the market leader. 24 million people wear a pair of glasses from Fielmann. In Germany, the company sells half of all glasses on the market. Fielmann is active at all levels of value creation in the optical industry. Fielmann is a designer, manufacturer, distributor and optician.

Fielmann has shaped the optical industry. In Germany, Fielmann ended the discrimi-nation against people wearing statutory health insurance glasses, made them socially acceptable, and democratised the world of fashionable eyewear.

Time and again, Fielmann has pioneered customer-friendly services in optical retail. The basis for our success is customer-friendly services, a large selection of products at guaranteed best prices, the best technical equipment and highly skilled employees.

Our guiding principle is “You are the customer”. A clear customer focus has taken us to the top. We recognize ourselves in our customers. Our employees are committed to this philosophy. Using its key competence – an uncompromising customer orienta-tion – Fielmann will also thrive in new markets.

Contents

2 Introduction

6 Management Board

8 Supervisory Board

12 Strategy

20 Shares

22 Industry

28 Management Report

60 Annual Accounts

67 Notes to the Accounts

135 Auditor’s Report

142 Stores

Glasses: Fielmann

2 Annual Report 2017

FOREWORD

Annual Report 2017 3

FOREWORD

The results for the 2017 financial year are in line with our expectations. With customer-friendly services, glasses at the best prices and wide-ranging guarantees, Fielmann has increased the number of units sold, sales revenue and profits.

Fielmann increased the number of units sold to 8.11 million pairs of glasses (previous year: 7.99 million). External sales including VAT grew to ¤ 1.61 billion (previous year: ¤ 1.55 billion) and consolidated sales rose to ¤ 1.39 billion (previous year: ¤ 1.34 billion). We increased our pre-tax result to ¤ 248.6 million (previous year: ¤ 241.5 million) and the net income for the year went up to ¤ 172.9 million (previous year: ¤ 171.2 million). The pre-tax profit margin on sales amounted to 17.9%.

Fielmann includes its shareholders in its success. For the 2017 financial year, the Management Board and the Supervisory Board will recommend a dividend payout of ¤ 1.85 per share (previous year: ¤ 1.80) to the Annual General Meeting due to the company’s continued positive development and the available liquidity. This represents a dividend yield of 2.5% based on the year-end closing price. The total dividend payout amounts to ¤ 155.4 million (previous year: 151.2 million).

As a family business, Fielmann thinks across the generations, invests in organic growth and avoids high-risk acquisitions. Fielmann AG is debt-free, with liquidity in the hundreds of mil-lions. Our equity ratio before the dividend pay-out in 2017 stood at 75%.

For several decades now, Fielmann shares have proved to be a sound and stable invest-ment. The share price closed the year at ¤ 73.52, making gains of 17.2% compared to the previous year. At the close of the year, the company had a stock market valuation of ¤ 6.2 billion.

Dear Shareholders, Dear Friends of the Company,

Günther Fielmann


FOREWORD

The share price development is a reflection of the trust shown to us by our investors. Since the beginning of the financial market crisis in 2008, the Fielmann share has increased by 227%, which is an appreciation of 284% in-cluding dividends.

Over 85% of our employees are share-holders of Fielmann. They not only earn good salaries, but also receive dividends. This is a motivational factor and our customers benefit as a result.

Fielmann owes its success to a clear and stringent customer focus. Our employees em-pathize with their customers. They provide a standard of service that they would wish to re-ceive themselves and have the satisfying task of finding the best possible solution for everyone, irrespective of the budget.

Fielmann recognizes elites and offers tal-ented young people clear objectives and com-pelling values. We invest tens of millions in training and continued professional develop-ment every year. Fielmann places great expec-tations on its employees. Our stores generate between five and ten times the sales revenues of the average optician, and our bigger stores record up to fifty times the sales of an aver-age optician. Our flagship stores in big cities achieve turnovers of between ¤ 4 m and ¤ 20 m. Since stores of this size are unique in the industry, we have to train store managers our-selves. The Fielmann Academy at Plön Castle prepares the next generation of opticians for Europe. In Plön, we train more than 7,000 opti-cians every year. The Academy is also open to external opticians for master craftsman’s courses and colloquia.

In Germany, Fielmann is the industry‘s lead-ing training provider and employs more than 3,400 apprentices. Our apprentices are the best in the business – as testified by the na-tional awards they win. In the German optical

industry competition, Fielmann accounted for all national winners over the last seven years.

Fielmann continuously strives to be better and more productive than the competition. We offer higher quality at lower prices. Fielmann is leading in terms of prices and quality. Based on our fundamental understanding of the mar-ket, we have developed the most modern opti-cal stores of their kind. Fielmann stores feature state-of-the-art technology in eyesight testing, contact lens fitting and workshops, and also make use of the very latest IT.

The stores showcase the whole world of fashion eyewear, including major brands, in-ternational designers and the fashionable Fiel-mann Collection. 90% of our customers say they intend to come back to Fielmann for their next pair of glasses. And they have good rea-son to do so.

Fielmann stands for fashionable eyewear at the best prices. With only 5% of all optical stores in Germany (Fielmann: 597 stores; the industry: 11,700 shops), Fielmann has a sales market share of 21% and 53% in terms of unit sales. This is proof of the value for money we offer. If Fielmann were to sell glasses at the aver-age retail price, the sales market share and the unit market share would be the same.

Fielmann is continuing its expansion at a sustainable pace. We focus on the German-speaking region as well as the adjacent Eu-ropean countries. When we open new stores in our home market of Germany, we tend to achieve unit market shares of between 40% and 50% straight from the beginning.

Further to our expansion, we can realise sig-nificant growth by developing existing shops and moving to more attractive locations. Modernisa-tion and increasing floor space generally lead to double-digit improvements in sales. In the mid-term, our plan is to operate more than 600 stores in Germany and to sell more than 7.5 million pairs of

Stores 5 %

Sales 21 %

Unit sales 53 %

■ Fielmann

■ Other stores

MarketsharesinGermany,2017


FOREWORD

In 2018, we expect to increase the number of units sold and the sales revenue. We will open new stores, expand and modernise exist-ing locations and recruit more personnel. The first months of the current financial year support our optimistic expectations.

We thank all our employees who contrib-uted to the success of the company with their dedication, conscientiousness and competence throughout 2017. Thanks are also due to our customers, associates, friends and to you, the shareholders, for always remaining loyal to the company.

Günther Fielmann

glasses. In the German-speaking countries of Ger-many, Switzerland and Austria, our medium-term goal is to operate around 700 stores selling more than 8.6 million pairs of glasses with sales revenues of ¤ 1.8 billion.

We are driving our expansion in Italy. In 2017 alone, Fielmann opened another seven stores in Vicenza, Verona, Trento, Varese, Pia-cenza, Brescia and Bergamo, and operated a total of ten stores in Italy by the end of the financial year. Encouraging feedback from customers support our optimistic expectations regarding this market. We plan to open even more stores in Italy in 2018. Our mid-term goal is to operate 40 stores, selling 500,000 pairs of glasses with sales revenues of ¤ 80 million.

Our success abroad is attributable to the fact that we have been able to export the principles of our success into the neighbouring countries. We offer consumers the certainty of being able to buy outstanding quality at reasonable prices, and stand out from our competitors even more than in Germany when it comes to location, selec-tion, price and expert advice.

Fielmann has identified additional growth opportunities in many areas. Our customer base offers considerable potential: On aver-age, our customers are younger than those of our traditional competitors. They remain loyal to us over many years. Consequently, even without gaining any new customers, we will be significantly increasing our share of high-value progressive glasses over the com-ing years, as people need such glasses in the second half of their lives. Sunglasses, contact lenses and hearing aids also offer additional potential. Customers want to have a provider that takes care of their needs and whom they can trust. They buy products where they know they will get guaranteed quality at the best prices. In the optical industry, they place their trust in Fielmann.


MANAGEMENT BOARD


MANAGEMENT BOARD

ManagementBoard

Günther Fielmann Chairman of the Management Board Corporate StrategyMichael Ferley Materials Management and Production since 1 July 2017Marc Fielmann MarketingDr. Bastian Körber SalesGünter Schmid Materials Management and Production up to 30 June 2017Dr. Stefan Thies Controlling, IT, Human ResourcesGeorg Alexander Zeiss Finance and Property

Dr. Stefan Thies

Günther Fielmann

Günter Schmid

Michael Ferley Dr. Bastian KörberMarc Fielmann

Georg Alexander Zeiss


SUPERVISORY BOARD

SupervisoryBoard

Shareholder representatives Prof. Dr. Mark K. Binz Lawyer, Binz & Partner, Chairman of the Supervisory Board, StuttgartHans-Georg Frey Chief Executive Officer (CEO), Jungheinrich AG, Hamburg Carolina Müller-Möhl President of the Administrative Board, Müller-Möhl Group, Zurich, SwitzerlandHans Joachim Oltersdorf Managing Partner, MPA Pharma GmbH, RellingenMarie-Christine Ostermann Managing Director, Rulko Großeinkauf GmbH & Co. KG, HammPier Paolo Righi CEO & President Karl Lagerfeld International B.V., Amsterdam, NetherlandsHans-Otto Schrader Chairman of the Supervisory Board, OTTO AG für Beteiligungen, HamburgJulia Wöhlke Managing Director, Iwan Budnikowsky GmbH & Co. KG, Hamburg

Mathias Thürnau Specialist in the Sales Department, Fielmann AG, Deputy Chairman of the Supervisory Board, HamburgHeiko Diekhöner Regional Manager, Fielmann AG, HamburgJana Furcht Master Optician, Fielmann AG & Co. OHG, MünchenRalf Greve Spokesperson for Professional Development at Fielmann AG, HamburgFred Haselbach Master Optician, Fielmann AG & Co. OHG, LübeckPetra Oettle Optician, Fielmann AG & Co. oHG, UlmEva Schleifenbaum Trade union secretary, ver.di, Kiel Frank Schreckenberg Trade union secretary, ver.di, Berlin

Employee representatives


SUPERVISORY BOARD

In the 2017 financial year, the Supervisory Board once again discharged conscientiously the duties incumbent upon it under the law and in accordance with the Articles of Association. The Supervisory Board continually obtained information in the reporting year on all impor-tant business developments and supervised the work of the Management Board, advising where necessary. In addition, the Chairman of the Supervisory Board engaged in direct infor-mation exchanges with the Management Board with regard to important matters arising outside of meetings.

On the basis of written and oral reports from the Management Board, the Supervisory Board comprehensively dealt with the business and financial position, corporate strategy, hu-man resources policy, planning, risk assessment and compliance organisation at Fielmann AG in its discussions.

In the past financial year, there were four meetings of the Supervisory Board. Only one Supervisory Board member was unable to at-tend one of the meetings.

The balance sheet meetings were held on 5 and 6 April 2017. On the first day of the meet-ings, Mr Zeiss explained the business perfor-mance for the financial year 2016 and outlined the key figures. Subsequently, the auditors Mr Reiher and Ms Deutsch from Deloitte & Touche GmbH reported at length on the key audit find-ings for the financial year 2016 and answered questions from Supervisory Board members. The Supervisory Board then approved the an-nual and consolidated accounts for 2016.

The second day of meetings began with the report from the Management Board on busi-ness developments thus far in 2017. This was followed by a statement on the 2016 annual re-port as well as the approval of the Supervisory Board Report to the Annual General Meeting and a vote on the resolution proposals submitted to the Annual General Meeting. Subsequently, the Supervisory and Management Boards dis-cussed Fielmann’s digital strategy after it had been explained in detail by Marc Fielmann. In this context, a report was also presented by Dr. Körber on the developments in the contact lenses business area.

Furthermore, the Supervisory Board unani-mously approved on 6 April 2017 the recom-mendation from the HR committee to extend the appointment of Günther Fielmann as Chairman of the Board by a further three years up to 30 June 2020 with no change to the conditions. At the same time, the Supervisory Board also ap-proved the recommendation from the HR com-mittee to appoint Michael Ferley to the Board of Fielmann AG for three years with effect from 1 July 2017. Mr Ferley has taken the place of Günter Schmid to assume responsibility for the Materials Management and Production busi-

Professor Dr. Mark K. BinzChairman of the Supervisory Board

Supervisory Board Report


SUPERVISORY BOARD

ness areas. The Supervisory Board would like to thank Günter Schmid, who vacated his posi-tion on the Board on 30 June 2017, for all the success he achieved in his activities as a Board member over many years.

The second Supervisory Board meeting was held after the Annual General Meeting on 1 June 2017. Following an analysis of the share-holder meeting, Günther Fielmann reported on the company’s current situation, particularly with regard to the current level of customer sat-isfaction. The Supervisory and Management Boards then engaged in a detailed discussion on the proportion of women in management po-sitions. With a proportion of 37.5% of women on the Supervisroy Board itself, the minimum legal requirement (30%) is clearly met. As per Section 111 Para. 5 of the German Stock Cor-poration Act, the Supervisory Board has set a target ratio of 0% for the share of women on the Management Board for the target time period up to 30 June 2022, but intends to give due consideration to the percentage of women in the event of new positions on the Management Board in future, without this being the only main selection criterion.

The main topic at the Supervisory Board meeting of 7 September 2017 was the Com-pliance Management System, whose main features have to be disclosed in line with the latest amendments to the German Corporate Governance Code. Dr. Frank Roser (lawyer, accountant, tax advisor) was appointed by the Management Board as an external consultant to review and present his assessment of the compliance system at Fielmann AG. At the Su-pervisory Board meeting, Dr. Roser answered various questions from the Supervisory Board members. In addition, the Corporate Social Re-sponsibility Report – due to be published for the 2017 financial year – was the subject of

a discussion in the committee. An amendment to the Management Board’s rules of proce-dure, with regard to the value limits relating to property acquisitions and divestments, was discussed and approved. The HR committee’s recommendation to extend the appointment of Dr. Bastian Körber to the Management Board by a further three years up to 31 March 2021 was also accepted.

On 23 November 2017 at the fourth Su-pervisory Board meeting, the Management Board provided detailed information on previ-ous business operations in 2017, the planning for 2018 and the medium-term planning up to 2020, which was then unanimously approved by the Supervisory Board. Subsequently, Marc Fielmann presented the employer branding campaign, which was launched in November 2017. The aim is to fill all the available appren-ticeships at Fielmann with talented young peo-ple, after seeing yet another rise in the number of apprentices for 2018. Following on from his statements at the meeting dated 6 April 2017, Marc Fielmann reported further on the current status of the implemetation of the digitization strategy. The development and discussion of the hearing aids sector was also an item on the agenda. At this meeting, the Supervisory Board discussed in detail the declaration of conformity with regard to the German Corporate Govern-ance Code for 2017.

Two meetings of the HR committee were held in the financial year 2017. The topics discussed included Günter Schmid’s departure from the Management Board, Michael Ferley’s appointment in his place and the extensions to the Management Board appointments of Günther Fielmann and Dr. Bastian Körber.

The Mediation Committee, as defined under Section 27 Para. 3 of the Codetermination Act (MitbestG), and the Nomination Committee had no reason to convene in the past financial year.


SUPERVISORY BOARD

There are no further committees. The Super-visory Board of Fielmann AG has opted to not form an Audit Committee. Beyond the indepth discussion as part of the annual balance sheet meeting, all Supervisory Board members had the opportunity of obtaining a detailed briefing. Before this, they could also ask questions and make suggestions on the content and results of the audit in a discussion forum attended by the Chief Financial Officer (CFO) and the chief auditor.

The Supervisory Board again submitted to an internal assessment of its efficiency in the financial year 2017.

The possible conflicts of interest between the obligations of the members of the Supervisory Board are subject to ongoing review as well as an additional annual assessment by means of a detailed questionnaire. Supervisory Board members are also asked to notify of potential conflicts of interest. There were no conflicts of interest in the 2017 financial year.

The annual accounts of Fielmann Aktienge-sellschaft and the consolidated accounts for the financial year 2017 in accordance with Section 315a of the German Commercial Code (HGB) prepared on the basis of the International Fi-nancial Reporting Standards (IFRS) as well as the Management Report for Fielmann Aktienge-sellschaft and the Group were audited by De-loitte & Touche GmbH, Hamburg, and passed without qualification. These documents, includ-ing the Management Board’s proposed ap-propriation of profits and the Corporate Social Responsibility report (CSR report) according to Section 289c of the German Commercial Code (HGB), which were duly submitted to each mem-ber of the Supervisory Board, were verified by the Supervisory Board and discussed in detail in the meetings on 11 and 12 April 2018 in the presence of the auditors Mr Reiher and Ms Deutsch, who reported on the method and key

results of the annual audit and answered the questions of the Supervisory Board members. Following the final results of its examination, the committee found no cause for objection. The Supervisory Board approved the consolidated financial statements and the annual accounts, which are therefore adopted. It also seconded the Management Board’s proposed appropria-tion of profits.

The auditors also examined the report of the Management Board on transactions with related parties in the financial year 2017 (de-pendency report) and passed it with the un-qualified confirmation 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 11 and 12 April 2018, heard a presentation of the key findings of the audit 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 Fielmann em-ployees for their very successful, outstanding work during the past financial year.

Hamburg, 12 April 2018

Professor Dr. Mark K. BinzChairman of the Supervisory Board

STRATEGY


STRATEGY


Glasses: Fielmann

A clear customer focus has taken us to the top. 90% of all German citizens have heard of Fiel-mann. The company has sold over 150 million pairs of glasses since opening its first shop in 1972. Over 24 million people wear Fielmann glasses. In Germany, Fielmann sells half of all glasses on the market. Fielmann is the market leader.

Customerphilosophy

Our guiding principle is “You are the customer”. Customer satisfaction is our top priority. We recognize ourselves in our customers. Our em-ployees are committed to this philosophy. Our opticians are not under pressure to talk custom-ers into buying expensive glasses. They find the best solution for each customer and always at a fair price. People recognise honesty: in representative surveys, more than 90% of our customers express re-purchase intent.

Democratisationoffashionableeyewear

Fashionable eyewear at no cost (Nulltarif) has only existed since Fielmann began. This is one of the company's historical achievements. It was Fielmann which made health insurance glasses attractive and socially acceptable, removing the stigma associated with wearing them and democratised fashion for glasses.

For centuries, short-sighted people had a blurred view of things in the distance, while el-derly people couldn’t focus on nearby objects. Although the magnifying effect of ground glass and ground crystals has been known since an-cient times, it was not used for producing vi-sion aids. It was only in the last millennium that reading stones and lenses were discovered. The first ever bill for a pair of glasses was written in Venice in the year 1316. In the 14th century, however, there were only collecting lenses for the “old faces”, i.e. for near vision. The 15th century then witnessed the introduction of bi-

concave lenses for “young faces”, i.e. for dis-tance vision.

The invention of glasses created equality for the first time in human history: people suffer-ing from defective eyesight could suddenly see as well as people with normal eyesight. Short-sighted individuals could finally see objects in the distance clearly and older generations were able to read as they had been able to when they were young. In the beginning, glasses were reserved for the clergy and nobility, and later the very affluent citizens.

In German-speaking countries, it was thanks to Bismarck’s social legislation that a wider population could afford glasses. On 1 Decem-ber 1884, section 6 of the Employees Health Insurance Bill came into force. For the first time in history, everyone with defective eyesight was entitled to free prescription glasses.

Yet at that time, enabling everyone to wear glasses was, first and foremost, an economic achievement. In those days, seeing better was still a long way from looking better. The frames were nothing more than nickel structures. Their function was more important than style. For hundreds of thousands of workers, wearing health insurance glasses meant keeping their jobs even as they got older, while people with defective eyesight could finally enjoy the same quality of life and job opportunities as people with normal eyesight. Health insurance glasses made a key contribution to people's education and professional qualifications.

After creating greater equality between privileged people suffering from defective eyesight and people with normal eyesight in the 15th century and the equality of rich and poor achieved by Bismarck’s social legislature towards the end of the 19th century, it was not until the economic revival of the mid-20th century that the aesthetics of glasses earned significance in the history of eyewear.

STRATEGY


Before Fielmann, statutory health insurance glasses were extremely unattractive. There were six plastic frames for adults and two for chil-dren. People unable to afford an expensive pair of glasses often ended up having to display the proof of their low income on their noses. Eight million German citizens could only afford to wear these health insurance glasses. For Fiel-mann, this discrimination of people based on their choice of glasses was a sore point from the very beginning.

Fashionableglassesforfree(Nulltarif)

Fielmann made health insurance glasses at-tractive. The special agreement signed by Fiel-mann with the Esens statutory health insurance company in 1981 was a major step forward. From one day to the next, Fielmann replaced the eight unattractive health insurance frames with 90 fashionable and high-quality metal and plastic frames in 640 varieties for free. This way, Fielmann replaced the uniform design of health insurance frames with style and choice – fashionable glasses for free (“Nulltarif”). Today, thanks to Fielmann, anybody can afford stylish glasses.

Customer-friendlyservices

Making claims is easy, but living up to them is tough. Fielmann remains committed to its prin-ciples. For the good of its customers, Fielmann has repeatedly launched customer-friendly ser-vices that the market had never seen before. Examples include fashionable eyewear free of charge (Nulltarif), an open display of thou-sands of frames, the Best-Price Guarantee, the Three Year Warranty for all correction glasses and the Satisfaction Guarantee.

Zero-CostInsurance

While the statutory health insurance funds have almost completely stopped paying for glasses

since 2004, Fielmann continues to offer a com-plete pair of glasses at no extra cost. Together with the HanseMerkur insurance company, Fielmann offers the Zero-Cost Insurance (Null-tarifversicherung). Millions of Fielmann custom-ers have opted for this option.

An annual insurance premium of just ¤ 10 gives customers immediate access to a highly fashionable pair of glasses with a metal or plastic frame from the Zero-Cost Collection and single-vision Carl Zeiss Vision precision lenses. Every two years, customers get a new pair of glasses at no cost. If their glasses are broken or damaged or if their prescription changes more than 0.5 dioptres, Fielmann provides a free replacement.

Policy holders can choose from over 90 free metal or plastic frames in over 600 dif-ferent variations. Competitors usually charge between ¤ 60 and ¤ 120 for such glasses.

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 damaged or broken, our policy holders get 70% off the purchase price.

Customers insuring progressive or multifo-cal glasses pay a premium of ¤ 50 per year and receive a ¤ 70 voucher for any model on which an additional charge applies. In addi-tion, in the event of damage to a pair of pro-gressive glasses, customers get 70% off the price of the repair.

Fashioneyewear

Fielmann introduced the open display of several thousand pairs of glasses in its stores. Today, it is the customer who chooses the frame. Each Fielmann store displays more than 2,000 differ-ent frames. Our employees guide our custom-ers through the world of fashionable eyewear

STRATEGY


– major brands, international designer glasses and the fashionable Fielmann collection. All at the best prices.

Glasses have become established as a fashion accessory. They not only improve life quality but are also a reflection of the wearer’s personality, hence positively influencing the im-pression he or she makes.

It is in part because of Fielmann that glasses are on the fashion world’s agenda. Through choice, marketing and price policy, Fielmann has made glasses an affordable accessory and helped to raise the profile of glasses in the media.

BestPriceGuarantee

Our good reputation, the Best Price Guarantee and every customer’s right to redress all testify to the value-for-money we offer. The Best Price Guarantee is a cornerstone of our philosophy. If a customer sees a product being sold for less elsewhere within six weeks of buying it, Fielmann will take the item back and fully reimburse the customer. This means that Fielmann customers can rest assured that they have not paid one sin-gle euro too much. For us, the Best Price Guaran-tee is an obligation to permanently observe the competition. We observe more than 100,000 prices from the competition every year.

STRATEGY


ThreeYearWarranty

Fielmann offers a Three Year Warranty on all glasses, including children’s glasses. Parents know how valuable this warranty can be. Cus-tomers buying from Fielmann are aware that they are purchasing tested quality. All frames in the Fielmann collection have been success-fully tested to EN ISO 12870 standards in our laboratories. They are rust-proof, non-fade and do not release nickel – as required by the Ger-man Commodities Ordinance.

SatisfactionGuarantee

Fielmann customers run no risks. Every com-plaint is taken seriously. If people are not satis-fied with their choice of new glasses, Fielmann will exchange the pair or reimburse the full purchase price. This guarantee is valid at any time. For us, complaints are an opportunity to

improve our advice and service. Only satisfied customers will recommend Fielmann to others.

Fashion,qualityandbestprices

Fielmann has made fashionable eyewear avail-able to everyone at the best prices.

Fielmann’s buying power in the optical in-dustry is equivalent to that of entire nations, selling 8.11 million glasses per year, more than 26,000 per day. Every year, we assemble more glasses than all the opticians in the Nether-lands, Austria, Switzerland, Sweden, Denmark and Norway together. The large quantities of glasses we sell allow us to purchase at competi-tive prices. We pass our low purchasing prices on to our customers.

The optical industry in Germany is made up of small to medium-sized companies. It is fragmented. The number of glasses sold per optician is small. Distribution costs are high. Productivity is low. The average optician sells fewer than 2 pairs of glasses per day. A Fiel-mann store, on the other hand, sells 35 glasses per day.

Opticians are craftsmen. The majority buy their frames and lens discs from distributors and industrial subcontractors. In a manual process, they assemble glasses in their workshops. Opti-cians can hardly assess the origin, quality and price of frames. Similarly, they are scarcely in a position to judge the structure of coatings and can only guess at the overall production costs of lenses. For this reason, a high price and an im-pressive designer logo quickly become the seal of quality for many opticians. The higher the brand’s status, the higher the price will usually be. The customers are left to pay the mark-up.

Fielmann is different. We are deeply rooted in the optical industry, know the manufacturers, prices and margins, and cover every stage of the value chain. Fielmann is a designer, manu-facturer, distributor and optician. We supply

STRATEGY


our stores directly, thus cutting out any interme-diaries. For the Fielmann Collection, our stores act as factory outlets.

Fielmann buys frames from the same manu-facturers that the major brands buy from. In many cases, brands do not manage the pro-duction themselves, but simply buy them ready-made, print their famous names and then sell them with a high mark-up to the opticians. In the end, the opticians pay well above the factory price for branded eyewear.

At Fielmann, on the other hand, customers can get fashionable glasses from the Fielmann collection at what can be considered the whole-sale price of traditional opticians. Fielmann set-tles for the distributor’s margin. The prices of Fielmann Collection frames are around 70% lower than the prices for branded products, meaning those enhanced with a logo.

Fielmann also guarantees the best prices for branded eyewear and designer frames. We back this claim up with our Best Price Guaran-tee. In the brand segment, our prices are up to 50% lower than market prices.

Our production and logistics centre is lo-cated in Rathenow, the birthplace of German glasses production. Fielmann has bundled its expertise in production and logistics there. Un-der a single roof, we produce mineral-based and plastic lenses, fit them into the customers’ in-dividual frames and then deliver them overnight to our stores. We send more than 15 million items to our stores per year.

Competentopticians

The foundation of our success is our skilled and committed employees who embody our philosophy. They recognise themselves in the customers and offer them the kind of advice that they would like to receive themselves. Fielmann employees continuously participate in training courses, take tests and receive certifications.

With 18,522 employees, including 3,417 apprentices, Fielmann is the largest employer in Germany’s optical industry. We created 649 new jobs last year alone.

Fielmann is continuing to expand and we are increasing our efforts to recruit qualified new employees. At the end of last year, Fiel-mann launched a new campaign to attract ad-ditional apprentices. The website www.optiker-werden.de provides insights into the daily life of an optician working for the market leader and aims to excite young talents about the profes-sion.

We are confident that we will expand our market position. Our flexible working times en-sure that we have a family-friendly atmosphere. Approximately 30% of our employees work in part-time positions. The proportion of women in management positions stands at over 30%.

Trainingandprofessionaldevelopment

Every year, Fielmann invests tens of millions in training and development courses. The fur-ther training of our employees is 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 field. We recognize elites: Fielmann offers talented young people clear objectives and compelling values.

In Germany, Fielmann is the industry‘s lead-ing training provider. Every year, over 10,000 young people apply for a vocational training course at Fielmann. After successfully passing an aptitude test, more than 1,200 young tal-ents start their career with us. With only 5% of all optical stores, Fielmann trains more than 40% of Germany’s future opticians. After suc-cessfully completing their training, we employ around 80% of the graduates, amounting to 4,000 of them over the last five years. In total, 3,417 apprentices are currently learning their trade with Germany’s market leader. National

STRATEGY


awards testify to the high standard of our train-ing. In the German optical industry competition, Fielmann accounted for all national winners over the last seven years.

Fielmann makes an important contribution to the training of skilled trades in Germany. People who take part in training courses at Fielmann will be comfortable at all levels of the optical industry: skilled craftsmanship, indus-trial production and professional management. We are the only training provider in the indus-try that doesn’t just introduce its apprentices to the optical trade in general, but also includes its own frame production and its own lens sur-facing facility in the internal training program.

Clearly it is of great benefit to our customers that our staff has a specialist knowledge about the design and aesthetic concept of glasses, about the production of frames and lenses, and also about the customization process for their chosen glasses.

FielmannAcademyatPlönCastle

At Plön Castle Fielmann prepares the next generation of opticians. Every single year, Fiel-mann trains more than 7,000 opticians at Plön Castle. In addition to the full-time Master Opti-cian course, the Fielmann Academy also offers the part-time Master Optician course, which gives those who are tied to a certain location or

Plön Castle

STRATEGY


restricted due to family commitments the oppor-tunity to obtain further qualifications and the chance to advance in their careers. Graduates of the Fielmann Academy will be well qualified for the future. The Fielmann Academy is also available to external opticians.

Newgenerationofopticalretail

In the last decades, the optical industry has seen the advent of ever larger optical stores, with staff numbers well in excess of 50. Such stores are equipped with the latest technology in refraction, contact lens fitting, workshop and consulting. This modern technology is backed up by sophisticated IT systems.

The ultra-modern Fielmann stores reflect this structural change. They are larger than the av-erage competitor’s stores, generating on aver-age six times the sales revenue of a standard German optician. Our super centres in large towns and cities have more than 50 employees on average and achieve an annual sales rev-enue of between ¤ 4 million and ¤ 20 million. The average sales of a traditional optician are just ¤ 0.3 million. Fielmann needs to train man-agers for these stores internally.

Ameasuredapproachtoexpansion

At the end of 2017, Fielmann operated 723 stores, of which 597 were in Germany, 42 were in Switzerland and 37 were in Austria. Germany continues to offer us great potential. Further to our expansion, we can realise signifi-cant growth by developing existing shops and moving to more attractive locations. Modernisa-tion and increasing floor space generally lead to double-digit improvements in sales.

In the German-speaking countries of Ger-many, Switzerland and Austria, our medium-term goal is to operate around 700 stores selling more than 8.6 million pairs of glasses with sales rev-enues of ¤ 1.8 billion. In Switzerland, we are plan-

ning to operate 45 stores in the mid-term, and 40 stores in both Austria and Poland. We are driving our expansion in Italy, where our mid-term goal is to operate 40 stores.

Digitization

We see great opportunities in the smart con-nection of digital services and in-store customer experience. In future, we will strengthen the links between our websites and our stores, and create new digital services for our customers. Fielmann is shaping the digitization of the opti-cal industry for the benefit of the customers.

Fielmann fulfils customer needs without compromising on quality. After successful tests in Austria, Fielmann delivers contact lenses to German customers’ homes for free. Addition-ally, we offer our customers the chance to reor-der their contact lenses online.

With regard to the current state of technol-ogy, we do not believe it is possible to fit and ship prescription glasses in Fielmann quality over the distance. Fielmann Ventures, our in-novation lab, is researching technologies that digitize eye testing and lens fitting.

Socialresponsibility

Fielmann assumes responsibility for customers, employees and for the society we live in. For Fielmann, investing in society is a matter of course because it is also an investment in the future.

Fielmann plants a tree for every employee every year. So far, we have planted more than 1.5 million trees and bushes. Fielmann manages long-term monitoring programs for environment and nature protection and supports medical re-search. We are committed to organic farming and the preservation of historical monuments, and also support kindergardens and schools. On top of all that, Fielmann also sponsors a wide range of youth sports.


SHARES

Themarket

The year 2017 was characterized by economic recovery in almost all regions of the world at an unchanged low level of inflation. Expectations for the euro zone also increased significantly and the European Commission anticipates growth of 2.2% for 2017. This is the highest growth rate for ten years.

While the US Federal Reserve raised the base interest rate three times, the European Central Bank (ECB) kept the base interest rate in the euro zone at zero. Yet it was decided to halve the monthly bond purchases from Janu-ary 2018 to ¤ 30 billion. This programme is set to run at least until September 2018. As a consequence, the Euro-Bund Future remained at a record level in a corridor between 160 and 166 points. The single European currency recorded a significant recovery compared to the US dollar and the Swiss franc.

Fielmann shares

ComparisonofFielmannsharepriceperformance,DAX,MDAX,andSDAX

Worldwide stock exchanges achieved new record levels. At the beginning of November, the German Share Index (Dax) posted a re-cord high of 13,440 points. During the period under review, the DAX increased by a total of 12.5%.

Fielmannshares

In a stable macroeconomic environment, the in-ternational capital markets developed very posi-tively with limited volatility. Fielmann shares also experienced a positive development and stead-ily rose to a new all-time high by the end of Oc-tober. On 31 December 2017, Fielmann shares closed the year at ¤ 73.52 per share, which is a gain of 17.2% compared to the same date of the previous year. As at the reporting date and bearing in mind all 84 million issued common shares (unit shares), the market capitalisation of Fielmann AG amounted to ¤ 6.2 billion.

130 %

125 %

120 %

115 %

110 %

105 %

100 %

1 January 2017 Fielmann DAX MDAX SDAX 31 December 2017


SHARES

Dividend

Fielmann is comitted to a shareholder-friendly dividend policy. Our continued growth and solid corporate financing have allowed us to increase our dividend year on year. The suc-cess of our company is always the success of our shareholders.

For this reason, the Supervisory and Man-agement Boards will recommend a dividend of ¤ 1.85 per share to the Annual General Meet-ing in Hamburg, Germany, on 12 July 2018. If the Annual General Meeting agrees, this will represent the 13th consecutive dividend increase. This represents a dividend yield of 2.5% on the year-end closing price of ¤ 73.52. If it is agreed upon at the annual shareholders’ meeting, this would be the 13th consecutive dividend increase.

Investorrelations

Fielmann maintains an open and transparent communication. Our dialogue with sharehold-ers, analysts, investors and the financial press

Financialcalendar

Quarterly report

26 April 2018

Annual General Meeting

12 July 2018

Dividend payout

17 July 2018

Half-year report

30 August 2018

Analysts’ conference

31 August 2018

Quarterly report

1 November 2018

Preliminary figures for 2018

February 2019

Bloomberg code

FIE

Reuters code

FIEG.DE

Securities ID number/ISIN

DE0005772206

is extremely important to us as it serves to strengthen confidence in our company and its philosophy.

Fielmann presents itself at various individual meetings and conferences both in Germany and abroad. In 2018, Fielmann was compre-hensively assessed by numerous renowned analysts and investment banks. We provide an up-to-date overview on our website.

KeyfiguresFielmannshares 2017 2016

Number of shares as at 31.12. millions 84.00 84.00

Highest price ¤ 77.47 74.49

Lowest price ¤ 62.84 58.41

Year-end price ¤ 73.52 62.75

Price/earnings (PIE) ratio 36.76 34.86

Price/cash flow ratio 21.50 24.04

Sales of Fielmann shares in ¤ m 1,547.73 1,584.41

Total dividend payout in ¤ m 155.40 151.20

KeyfiguresperFielmannshare 2017 2016

Net income for the year ¤ 2.06 2.04

Earnings ¤ 2.00 1.98

Cash flow ¤ 3.42 2.61

Equity capital as per balance sheet ¤ 8.27 8.17

Dividend ¤ 1.85 1.80

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]

This annual report is also available in German. The German annual accounts for Fielmann Aktienge sellschaft are also available on re-quest.

INDUSTRY


INDUSTRY


Oneintwopeoplewearglasses

In Germany, one in two people wear glasses. Among adults aged 16 or over, the figure is 64%, or 40 million. More than 73% of the 45 to 59 age group wear glasses, as do virtu-ally all pensioners. In the second half of life, even people with normal sight need reading glasses. (Allensbach, KGS)

Unitsalesandsalesrevenue

For 2017, the German Central Association of Opticians (Zentralverband der Augenoptiker, ZVA) estimated that the total number of glasses sold amounted to 12.74 million pairs. Total sales revenue rose by 2.8% to ¤ 6.12 billion.

There are no reliable figures for Austria or Switzerland. Fielmann estimates that units sold in Switzerland totalled around 1.0 million pairs of glasses, while the sales revenues stood at approximately ¤ 1.2 billion. There are 1,100 optical stores in Switzerland. In Austria, all opti-cal providers sold around 1.3 million pairs, gen-erating sales revenues of ¤ 0.5 billion. There are 1,200 optical stores in Austria.

(ZVA, Spectaris, SOV, WKO, Kurier)

Distancesales

E-commerce has continued to gain importance in many industries over the last few years. Glasses, sunglasses and contact lenses are of-fered for sale online. For 2017, the German Central Association of Opticians (ZVA) esti-mated the turnover for the e-commerce busi-ness to be ¤ 0.26 billion: 4% of the total sales for the optical industry. Furthermore, the ZVA estimated the turnover for prescription glasses via e-commerce to be ¤ 0.07 billion. This cor-responds to around 1% of optical sales. (ZVA)

In the optical industry, the majority of e-com-merce sales are generated with contact lenses. When it comes to glasses, online vendors are

not capable of determining the right prescrip-tion or fitting a pair of glasses. Glasses ordered online are products of chance. Imprecise data can lead to prismatic side-effects, fatigue, ill-ness, headaches or even double vision. To en-sure a proper fit, a pair of glasses has to be individually fitted by an optician.

Opticalstores

In 2017, there were 11,700 optical stores op-erating in Germany. 48,600 employees were working in optical retail. Chains account for 18% of all optical retail stores in Germany. The proportion of chains is higher in neighbouring European countries, standing at 24% in Swit-zerland and 30% in Austria. (ZVA)

Uniteconomics

On average, a traditional optical store in Ger-many sells fewer than two pairs of glasses per day. A typical Fielmann store, on the other hand, sells 35 every day. The average optician sells fewer than 600 pairs per year. Fielmann sells on average more than 10,000 pairs of glasses per shop per year.

The average sales of a traditional optical store in Germany stands at around ¤ 0.3 mil-lion. By comparison, a Fielmann store in Ger-many records average sales revenues of ¤ 2.0 million. In Austria, an average Fielmann store posts revenues of ¤ 2.6 million and in Switzer-land our average sales are ¤ 5.1 million.

(ZVA)

Market overview

30 20 10 0 Germany Switzer- Austria land

18

24

30

StoresaturationNumber of stores (%)

6.0 4.0 2.0 0 Germany Austria Switzer- land

2.02.6

5.1

Averagesalesper Fielmann storein ¤ million

INDUSTRY


Theopticalprofession

Opticians regard themselves as healthcare pro-fessionals who help people with poor eyesight. In Germany, opticians are permitted to carry out eyesight tests, determine prescriptions and fit contact lenses. Opticians advise their custom-ers 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 optical retail store ap-proved by health insurance schemes must be managed by a master optician. As craftspeo-ple, German opticians are organised in guilds. Fielmann is also a member of the guilds. More than half of the owner-managed stores are members of marketing or purchasing groups.

(ZVA)

Glassesareafashionaccessory

On average, ametropic Germans buy a new pair of glasses every four years. Besides a change in prescription, the most important rea-sons for buying a new pair of glasses are wear and tear, breakage, loss and changing fashion trends.

For some time now, eyewear has been re-garded as more than just a means for correcting vision. Glasses communicate an image. Through its pricing policy and selection, Fielmann has transformed glasses into affordable fashion ac-cessories and established them in the media. In today’s fashion magazines, you will find far more glasses pictured in the pages than was the case years ago. Many of those featured are from Fiel-mann as we provide a free lending service to the media and photographers.

(Allensbach, Spectaris, Emnid)

Lenses

Not all lenses are the same. Fewer than 5% of all lenses are still mineral-based. Although mineral lenses are a little heavier than organic ones, they are particularly scratch resistant.

Today, more than 95% of all lenses are produced from organic plastics. In the case of plastic lenses, the lightweight and largely shatter-proof CR 39 materials predominate. To prevent scratching, the surface of lenses is often fitted with a hard coating. High index plastic materi-als are increasingly used to produce thinner and lighter lenses. The demand for improved lens technology, like anti-reflective coating, coatings that prevent glare on all lenses, is increasing.

(GfK, Spectaris, ZVA)

Progressivelenses:agrowthmarket

In the second half of life (45+), virtually eve-ryone needs a pair of reading glasses. Those who have worn glasses since they were young usually need glasses for both near and distance

INDUSTRY


vision as they become older. Progressive lenses are the most convenient and modern choice.

These days, bifocals with a visible reading segment are increasingly being replaced by progressive lenses. To the onlooker, progres-sive lenses 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 progressive lenses and the time it takes for ad-justment make them an average of four times more expensive than single-vision lenses.

Fielmann is outperforming the industry in sales of progressive lenses. This is explained by the structure of our customer base. Fielmann customers 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 progressive share of Fielmann sales is set to rise by more than 50% in the medium term.

(Allensbach, KGS, GfK)

Sunglasses

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

Only one in five pairs of sunglasses is sold by an optician. Yet a trend towards more ex-pensive glasses with a fashion label and guar-anteed UV protection can be observed. This development is being fostered by the debate on the harmful effects of UV radiation. Since only 45% of all glasses wearers have prescription sunglasses to date, Fielmann is anticipating fur-ther growth from the rising share of high quality and fashionable sunglasses with prescription.

(Allensbach, KGS, Spectaris)

Contactlenses

Contact lenses are gaining ground in Germany. While to date only 5% of the German popula-tion use contact lenses, the figure is 17% in Sweden and 18% in Switzerland.

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

In 2017, the sales revenues 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. Besides opticians, contact lenses are also sold by ophthalmologists. In addition, online shops and other sales channels, such as pharmacies and drug stores, offer contact lenses too. Over the next few years, Fielmann expects to double its sales revenue for contact lenses and accessories.

(Allensbach, KGS, Spectaris, ZVA, GfK)

Hearingaids

Hearing aids are a growth market. In 2017, more than 1.3 million hearing aids were fitted by ENT doctors and 6,400 hearing aid shops in Germany. Sales revenues for this sector stand at ¤ 1.4 billion.

As with the optical industry, the audiology industry is very fragmented. Consequently, prices are very high. The hearing aid market is similar in structure to that of the optical indus-try 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 catchment areas alone require more than 100,000 hearing aids per year. At the end of the reporting year, Fielmann had 180 hearing aid centres, with plans to increase this to 250 in the medium term. (BIHA)

Shareofpopulationwearingcontactlensesin %

15 10 5 0 Germany Sweden Switzer- land

5

1718

Sources

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

GfK Gesellschaft für Konsum-güterforschung (Society for Consumer Research)

KGS Kuratorium Gutes Sehen (Good Vision Board of Trustees)

SOV Schweizer Optikverband (Swiss Optical Associa-tion)

WKO – Wirtschaftskammer Österreich (Austrian Fed-eral Economic Chamber)

ZVA Zentralverband der Augenoptiker (Central Association of Opticians)

CONSOLIDATED ACCOUNTS

Content

Consolidatedaccountsforfinancialyear2017

28 GroupManagementReport

forfinancialyear2017

60 Consolidated balance sheet as at 31 December 2017

62 Consolidated profit and loss statement

for the period from 1 January to 31 December 2017

63 Statement of the overall result

64 Movement in Group equity

66 Cash flow statement for the Fielmann Group

67 Notestotheconsolidatedaccounts

forfinancialyear2017

67 Segment reporting for the Fielmann Group

68 General information

69 Application of new and amended standards

72 Key accounting and valuation principles

82 Notes to the consolidated accounts

120 Information on related parties (IAS 24)

122 Other information

124 Statement of holdings and scope of consolidation

as at 31 December 2017

135 Auditor‘sreport

142 Fielmannstores

Fielmann Group Annual Report

for financial year 2017


CONSOLIDATED ACCOUNTS


MANAGEMENT REPORT

28 AnnualReport2017

Management Report for the Fielmann Group for the Financial Year 2017

Fielmann Fielmannstandsforfashionableeyewearatfairprices.90%ofallGer-mancitizenshaveheardofFielmann.Wearethemarketleader.24millionpeoplewearapairofglassesfromFielmann.InGermany,thecompanysellsoverhalfofallglassesonthemarket.

Wearedeeplyrootedintheopticalindustryandareactiveateverylevelofthevaluechainintheopticalindustry.Fielmannisadesigner,manufacturer,distributorandoptician.

Withcustomer-friendlyservices,glassesatthebestpricesandwide-rangingguar-antees,Fielmannhasincreasedthenumberofunitssold,salesrevenueandprofitsforthereportingyearunderreview.

Unitsalesroseto8.11million(previousyear:7.99millionglasses).ExternalsalesincludingVATgrewto¤1,606.2million(previousyear:¤1,549.8million)andcon-solidatedsalesroseto¤1,386.0million(previousyear:¤1,337.2million).Pre-taxprofitsgrewto¤248.6million(previousyear:¤241.5million)andnetincomefortheyearwentupto¤172.9million(previousyear:¤171.2million).

Earningspersharestandat¤2.00(previousyear:¤1.98).At theendof thereportingyear,Fielmannoperated723stores (previousyear:704stores),180ofwhichalsocontainedhearingaidstudios(previousyear:168hearingaidstudios).

2017 2016

Consolidatednetincomefortheyear in¤m 172.9 171.2

Incomeattributabletoothershareholders in¤m 5.2 4.9

Result for the period in¤m 167.7 166.3

Numberofshares inmillions 84 84

Earnings per share ¤ 2.00 1.98

TheconsolidatedaccountsofFielmannAktiengesellschaftanditssubsidiarieshavebeenpreparedinaccordancewiththeInternationalFinancialReportingStandards(IFRS including InternationalAccountingStandards) valid for the reportingperiod,statementsof theIFRSInterpretationsCommittee(IFRSIC)andtheformerStandingInterpretationsCommittee(SIC)whenevertheywereapplicablewithintheEuropeanUnion(EU)andwhentheyweretobeappliedonamandatoryorvoluntarybasisinthereportingyear.Furthermore,theprovisionsundercommerciallawpursuanttoSection315ePara1oftheGermanCommercialCode(HGB)werealsoobserved.

Quantities sold inmillionpairs

7.55.02.5 0 ’15 ’16 ’17

7.8 8.0 8.1

15001000 500 0 ’15 ’16 ’17

1,3001,386

Consolidated sales inmillion¤

1,337

1.81.20.6 0 ’15 ’16 ’17

2.00

Earnings persharein¤

1.97 1.98

MANAGEMENT REPORT

AnnualReport2017 29

General Conditions

Europe Theyear2017wasmarkedbyaseriesofsignificantpoliticaleventscom-binedwithawidespreadeconomicupturn.BesidestheelectionsinFrance,theNeth-erlands,AustriaandGermany,thenegotiationsontheUK’sdeparturefromtheEUandanearlygeneralelectionthereinfluencedthedevelopmentswithintheEuropeanUnion.Nationalisttendenciesandthedesireofsomeregionstogainautonomyrep-resentchallengestotheEuropeanUnion’spoliticalinstitutions.

However,thepoliticaldevelopmentsonlyhadalimitedeffectonthecapitalmar-ket.Withintheeurozone,theerstwhilecrisiscountriesofSpain,PortugalandGreecemanagedtorecordgrowthratesofupto3%.ThedevelopmentinItalyandFrance,however,remainslesspositive.Thegrossdomesticproduct(EU19)fortheyearasawholeincreasedby2.5%(previousyear:1.7%).

Thesituationonthelabourmarketintheeurozonehascontinuedtoimprove,withunemploymenthittingitslowestlevelforalmostnineyears.Therateofunemploymentintheeurozone(EU19)fellto9.1%,after10.0%inthepreviousyear.Thedevelop-mentsintheEuropeanUnionareverydifferentandrangefrom2.9%intheCzechRepublicto16.4%inSpain.

TheexpansionarymonetarypolicyoftheECBaswellasanincreaseinenergyandfoodcostssawtherateofinflationintheeurozoneriseto1.4%(previousyear:1.1%).Thetargetofjustunder2.0%wasthereforemissedoncemore.

In2017,Europe’s capitalmarketswereagain influencedby thepurchasepro-grammeof theEuropeanCentralBank (ECB).Thismeant that the interest rates re-mainedatrecordlowlevels.

Germany TheGermaneconomyisexperiencingapowerfulupturn.In2017,Ger-manygrewmoresignificantlythaninpreviousyears.Infact,thethegrossdomesticproduct (GDP) adjusted for price rose by 2.2% in 2017 although there were anaverage of4 fewer shoppingdays than in the previous year.Consumer demandfromprivatehouseholdsremainedlively.Theconsumers’propensitytobuyandthecorrespondingsentimentintheretailindustrywerepositive.

Thehighdemandforlabourinmanypartsoftheeconomysawemploymentlevelsreacharecordhigh,withsomeregionsachievingevenfullemployment.Unemploymentandunderemploymentcontinuetofall.Onaveragefortheyear,thenumberofunem-ployedpeoplefellforthefourthtimeinarow,employmentsubjecttosocialsecuritycontributionsincreasedsignificantlyandemployers’demandfornewstaffroseagaincomparedtothepreviousyear.

3210 Switzer-GermanyAustria land

1.0

2.2

3.0

GDP growth rate 2017in%

Price inflation 2017in%

210

Switzer-GermanyAustria land

0.5

2.1

1.6

MANAGEMENT REPORT

30 AnnualReport2017

Incomparisonto2016,employmentincreasedbyanother638,000individuals(previousyear:increaseof425,000).AccordingtotheFederalStatisticalOffice,theworkingpopulationinGermanyin2017numberedonaveragearound44.3million(previousyear:43.4million),whichismorethaneverbefore.Thenumberofvacan-ciestobefilledincreasedbyapprox.76,000overthecourseoftheyearto731,000(previousyear:655,000vacancies).Theaveragenumberofunemployedfortheyeardecreasedby158,000tolessthan2.5million(previousyear:2.7million),represen-tingarateofunemploymentof5.7%(previousyear:6.1%).

Againstthebackgroundofpositivedevelopmentsonthelabourmarket,realpayincreases and low interest rates, growth impulses camemainly from the domesticmarket.Privateconsumerexpenditureadjustedforpricewas1.9%higherthanoneyearago(previousyear:2.1%),whilegovernmentconsumerexpenditureincreasedby1.6%(previousyear:3.7%).Incomparisontothepreviousyear,theGermanretailbusinessrecordeda2.3%increase in turnover inreal terms (previousyear:1.6%)accordingtopreliminaryestimates.

Germanexportsalsoincreasedonaveragefortheyearin2017.Theprice-adjus-tedexportsofgoodsandserviceswere4.7%higherthaninthepreviousyear(pre-viousyear:2.6%).Importsroseoverthesameperiodby5.1%(previousyear:3.9%).

Increasedcostsforenergy,rentsandfoodsawinflationinGermanyin2017risetoitshighestlevelforfiveyears.Afterpricesonlyroseby0.5%lastyear,thepricesfor2017increasedby1.8%.

Switzerland The8.5%depreciationof theSwiss francover thecourseof2017comparedtotheeurohadanoticeablystimulatingeffectondomesticdemand.Attheendoftheyear,theSwissfranc’sexchangeratewas1.1693(previousyear:1.0750)andthusclosertotherateof1.20francstotheeurowhentheSwissNationalBank(SNB)intervenedwithsupportbuyingthroughtoJanuary2015.

Sales for theyear inSwissretail remainedalmostunchanged(-0.6%;previousyear: -0.9%). Improvementson the labourmarketandconsumerconfidencehadapositiveimpactonretaildevelopmentinSwitzerland.Thiswasslightlyoffsetbythegrowingsalesrecordedbyforeigndistancesellers.

Themechanicalengineeringbusinessaswellastheelectricalandmetalindustriesovercame the currency-related setbackof theprevious years.According toCreditSuisse,productioninSwissindustrialfirmsincreasedsustainablyandthevolumeofordersgrewsignificantlyin2017.

Unemployment rate 2016in%

9.06.03.00.0 Switzer-GermanyAustria land

3.2

8.5

5.7

MANAGEMENT REPORT

AnnualReport2017 31

Switzerland’s sizeable tourism industry experienced a turnaround in fortunes.Therewasalargeincreaseinthenumberofovernightstaysforthefirsttimesincetheonsetoftheeurocrisis.

Overall,Switzerland’srealGDPisexpectedtoimproveby1.0%in2017com-paredtolastyear(previousyear:1.4%).

Theeconomicupturnalsohasapositiveeffectonthelabourmarket,whichhadalreadyproventoberelativelyrobustinpreviousyears.Therateofunemploymentaveraged3.2%fortheyear(previousyear:3.3%).

TheappreciationoftheCHFin2015reducedthepriceofimports,whilelowerenergyandoilpricescauseddeflation.Pricesincreasedagainin2017forthefirsttimeinsixyearsby0.5%(previousyear:–0.4%).

Austria According to preliminary estimates, the Austrian economy recorded agrowthof3.0%for2017(previousyear:1.5%).Againstthebackgroundofamark-edly improvedglobal economic climate, equipment investment increasedby7.0%(previousyear:6.4%)andexportsgrewby5.8%(previousyear:2.8%),accordingtotheVienna-basedInstituteforAdvancedStudies.Livelydomesticdemandcombinedwithasignificantgrowthinexportscontributedtoa5.1%increaseinimports(previousyear:4.5%).Inthiscontext,privateconsumerspendinginAustriawasexpectedtoriseby1.5(previousyear:1.5%).Consumptiongrowthwasaidedbysignificantlyincreasingrealincomesandgreaterconsumerconfidence.Thedevelopmentsinthetourismindustryhadapositiveeffect.TheincreaseinunemploymentinAustriawasbroughttoanend.Theunemploymentrateremainedatanaverageof8.5%fortheyear(previousyear:9.1%).Consumerpricesincreasedslightlysincethemiddleoftheyearinlinewithrisingenergycosts.Therateofinflationwas2.1%onaveragefortheyearin2017(previousyear:0.9%).

Italy Theeurozone’sthirdlargestnationaleconomy,afterGermanyandFrance,hasbeendevelopingmoreslowlyfromaneconomicperspectivethanothercountriesinthesamecurrencyareaformanyyearsnow.TheconsequencesofthebankingcrisiscanstillbeseeninItaly.Evenin2017,Italianbankshadtobehelpedoutwithstateassistancetothetuneofmillionsofeuros.Italy’soverallpublicdebtamountedto133%oftheGDP,whichisstillfarhigherthanthelevelsagreeduponbytheEUcountries.

12 8 4 0 GermanyAustria Switzer- land

1.11.2

11.7

Specialized opticalstores 2017 inthousand

MANAGEMENT REPORT

32 AnnualReport2017

Italywas inaphaseof transition in2017after the failureofareferendumonpoliticalandsocialreforms.However,themeasuresintroducedbythepreviousgov-ernmentledtoaneconomicupturn.Notleastduetothegrowingnumberofexports,thegrossdomesticproductincreasedby1.5%whichwasthebestperformancesince2010.Thehighlevelsofyouthunemploymentwasreducedfrom40%to32.2%.Akeyreasonforthisdeclineisthesignificantincreaseinemploymentsubjecttosocialsecuritycontributions.Overall,therateofunemploymentstoodatapprox.11.4%in2017.Pricesonlyincreasedby1.0%in2017andthereforeclearlymissedthetargetsetbytheECB.

Poland From a foreign policy perspective, certain reforms in Poland damagedrelationstotheEuropeanUnion.Economically,however,Polandcontinuestoenjoyanupswing,whichissustainedbyexports,investmentandconsumption.Forthere-portingyear,theGDPwasanticipatedtogrowby4.6%,after2.9%inthepreviousyear.Withconsumerspendingatover¤250billion,PolandisstillEasternEurope’sbiggestmarketbyfarin2017.

Polish employees are continuing to earn higher incomes.After a3.8% salaryincreasein2016,theNationalBankofPoland(NBP)hasstatedthatsalarieswillrisebyover5%in2017.

Over the last few years, Poland has recordedone of the highest increases inshoppingcentresalesareasinEurope.Asrentsinprimeshoppinglocationsremainveryhigh,manyshoppingcentresstillexhibitsignificantdegreesofvacancies.Whenobservingnewrentalspaceleased,weseeaslightimprovementforretailtenants.

Therateofunemploymentis6.6%andhasthereforedroppedtothelowestlevelsince2008(previousyear:8.2%).

6.04.02.0 0 GermanyAustria Switzer- land

2.02.6

5.1

Average sales revenue Fielmannstoresinmillion¤

MANAGEMENT REPORT

AnnualReport2017 33

Eastern Europe TheongoingcrisisinUkraineiscontinuingtohaveahugeimpactonthecountry’seconomicdevelopment.Thedepreciationofthenationalcurrency,thedeclineinindustrialproductionandtherisingenergypriceshavetogetherresultedinanotherincreaseinthecostofliving.However,thisincreasewasmuchlowerat13.7%(previousyear:12.4%)thanin2014and2015whenthepricesincreasedby24.9%and43.3%respectively.ThelivingstandardsofUkrainianshavedeterioratedrapidlysincetheoutbreakofthedisputewithRussia,althoughthecentralbankhasestimatedUkraine'seconomicoutputtohaveincreasedby2.1%in2017(previousyear:1.5%).Inthewakeofcontinuedpoliticalandeconomictensions,theUkrainianhryvniadroppedevenfurtherinvalue.Fortheyearasawhole,thehryvniafellby–15.2%comparedtotheeuro(previousyear:–7.7%)withtheconsequencethatim-portsincreasedinpricebythesamelevel.Thedevaluationofthecurrencycontinuedinthefirstweeksofthenewyear.

TheeconomicsituationinBelarusremainscritical.Contrarytoearlierpredictions,thegrossdomesticproduct (GDP) for theRepublicofBelarus in2017only showsminimalgrowth.Accordingtostatestatistics,theGDProseby2.4%.YetthebusinessdevelopmentagencyoftheFederalRepublicofGermanyanticipatesanincreaseof0.7%(previousyear:–2.6%),whiletheInternationalMonetaryFund(IMF)andtheWorldBankdonotexpectanupswingfor2017.

The optical market MoreandmorepeopleinGermanyarenowwearingglasses.Ofthecurrent40.8millionownersofglasses,23.5millionwearglassespermanently.Aconsiderableincreaseinthenumberofpeoplewearingglassescomesinthe20to29agegroup.Thisfigurerosefrom26%in2008to32%lastyear.In1952,thefigurestoodatjust13%.

Asignificantincreasecanalsoberecordedforprogressiveglasses.Peoplewhohavewornglassessince theywereyoungusuallyneedglasses forbothnearanddistancevisionastheybecomeolder.Theshareofprogressiveglasseshascontinuallyrisentoapprox.37%overthelastfewyears.

TheGermanCentralAssociationofOpticians(ZentralverbandderAugenoptiker)calculatedthatin2017,thetotalnumberofunitssoldinGermanyamountedto11.91millionpairsofglasses(previousyear:11.85million),whichisanincreaseof0.5%.Accordingtotheassociation,thetotalsalesrevenuesrecordedbyopticiansincreasedby2.7%to¤5.86billion(previousyear:¤5.71billion).Includinge-commerce,itestimatesthatoverallsalesamountto¤6.12billion(previousyear:¤5.95billion).Theassociationreportsthatthenumberofopticalstoresincludingallstoresandop-eratingunitswas11,700attheendofthereportingperiod(previousyear:11,850).

MANAGEMENT REPORT

34 AnnualReport2017

Germany’sopticalindustryishighlyfragmented.ThetraditionalGermanopticiansellsfewerthantwopairsofglassesperday,whereasaFielmannstoresells35.Theaverageopticiansellsfewerthan600pairsofglassesperyear,whileFielmannsellsinexcessof10,000perstore,onaverage.

In2017,theaveragesalesrevenuesofatraditionalGermanopticianstoodun-changed,ataround¤0.3million.Bycomparison,aFielmannstoreinGermanyre-cordsaveragesalesof¤2.0million(previousyear:¤2.0million),whileanaveragestoreinAustriaregisters¤2.6million(previousyear:¤2.6million)andouraverageSwissstoregenerates¤5.1million(previousyear:¤5.3million).

Novalidfiguresareavailablefortheindustry’sperformanceinAustriaandSwit-zerland.Accordingtoourestimates,unitssoldinSwitzerlandremainedatonemillionglasses.AtCHF1.3billion,totalsalesweresimilartothepreviousyear'sfigure.ThenumberofopticalstoresinSwitzerlandremainedunchangedat1,100.

InAustria,itisestimatedthatunitssoldwillremainat1.3millionglasses.At¤0.5billion,totalsaleswerealsoonaparwiththepreviousyear'sfigure.Thenumberofopticalstoresremainedunchangedat1,200(previousyear:1,200stores)

The hearing aid market Hearingaidsareagrowthmarket.Studiesestimatethataround14millionindividualsinGermanysufferfromhearingimpairments.ThisfigureissettoincreaseinfuturewithimpairedhearingbeingoneofthetoptenhealthissuesinGermany.Today,approximately3.5millionpeoplewearhearingaids.In2017, therewere6,400hearing centres acrossGermany (previous year:6,130),whichfitted1.26millionaidsintotal(previousyear:1.17million).TheGermanFederalGuild forHearingHealthcareProfessionals (BundesinnungderHörgeräteakustiker)estimatesthatsalesrevenuesintheindustryamountedto¤1.4billion(previousyear:¤1.4billion).

Fielmann Group Fielmannhasshapedtheopticalindustry.Fielmannstandsforfashionableeyewearatfairprices.Wecovertheentirevaluechaininthisindustry.

InRathenow(Brandenburg,Germany)webundleourcompetenciesinmanufactur-ingandlogistics.Inthisstate-of-theartfacility,weproduce,edgeandmountlensesunderoneroof.

Inatwo-shiftoperation,wemanufactureonaveragemorethan19,000lensesperday.Onaverage,morethan57,000ordersareprocesseddaily(previousyear:56,000).In2017,weproducedmorethan4.8millionlensesandhandledmorethan8.1millionframes(previousyear:4.8millionlenses/8.0millionframes).

MANAGEMENT REPORT

AnnualReport2017 35

Fielmann Aktiengesellschaft FielmannAktiengesellschaft,whichhasitshead-quartersatWeidestraße118a,Hamburg,Germany,istheGroup’slistedparentcom-pany. It invests inandoperatesopticalbusinessesandhearingaid companies. Itfurthermoremanufacturesanddistributesvisualaidsandotheropticalproducts.Theseproductsincludeglasses,frames,lenses,sunglasses,contactlenses,relatedarticlesandaccessories. Italsosellsmerchandiseofallkindsaswellashearingaidsandtheiraccessories.

ThecompanyisrepresentedbyGüntherFielmann,ChiefExecutiveOfficer(CEO),bytwomembersoftheManagementBoard,orbyoneManagementBoardmemberandanauthorisedsignatory.

Corporate management Fielmann’skeyfinancialandnon-financialindicatorsrelevantfortheCorporateManagementincludecustomersatisfaction,unitssold,salesrevenuesandpre-taxearnings.

Onlysatisfiedcustomerswillremainloyaltothecompanyandensuresustainedlong-termgrowth.

The importanceof customer satisfaction is unique toFielmann.Customer satis-factionisoursinglemostimportantmetricwhichwedetermineandevaluateonanongoingbasisthroughcomprehensivesurveysonthestorelevel.Thesesurveysarecarriedoutincollaborationwithanindependentmarketresearchinstitute.

SegmentreportingiscarriedoutinlinewiththeGroup’sinternalmanagement,alongthesalesmarketsofGermany,Switzerland,AustriaandOther.

Economic report

Earnings Whiletherestoftheopticalindustry(includinge-commerce)inGermanyreportedan increase inunits soldof just1.0%,Fielmann registereda rise inunitssoldof1.5%inEuropeto8.11millionpairsofglasses(previousyear:7.99million).Overall,customersatisfactionremainedalmostunchangedat92.2%(previousyear:92.3%).ExternalsalesincludingVATgrewto¤1,606.2million(previousyear:¤1,549.8million)andconsolidated sales rose to¤1,386.0million (previousyear:¤1,337.2million).Thenumberofhearingaidssoldamountedto68,500(previousyear:58,300),whilehearingaidsales revenues totalled¤60.0million (previousyear:¤51.9million).

Net incomein¤million

180120 60 0 ’15 ’16 ’17

170.5 171.2 172.9

Pre-tax profitin¤million

240160 80 0 ’15 ’16 ’17

240.1 241.5 248.6

300200100 0 ’15 ’16 ’17

278.5291.3

EBITDA in¤million

281.6

MANAGEMENT REPORT

36 AnnualReport2017

Therewasasignificantdecreaseof9.1%inotheroperatingincometo¤14.2mil-lion(previousyear:¤15.6million).Thisitemmainlyincludesincomefromsublettingleasedproperty,thereversalofvalueadjustmentsandprovisionsaswellasforeignexchangegains.Incomefromtheevaluationofsecuritiesandrealizedpricegainsalsohadapositiveeffect in thefinancialyear2017.Due tocurrencydifferences,particularlybetweentheeuroandtheUSdollarandbetweentheeuroandtheSwissfranc, theFielmannGroupgeneratedonly¤0.7millionearnings in the reportingperiod,aftergenerating¤2.9millioninthepreviousyear.Incomefromwritingbackaccrualsfellby¤1.3million.

Costofmaterialsdroppedby0.9%to¤277.2million(previousyear:¤279.8million)andinrelationtoconsolidatedtotalsales,thecostfellfrom20.9%inthepre-viousyearto20.0%.Theincreasednumberofunitssoldmadeitpossibletoacquireadditionalsavings,particularlyonlenses.

Withacostratioof41.0%,personnelexpensesroseby¤28.9millioninabsolutetermsandamountedto¤568.7million(previousyear:¤539.9million).Thisismostlyareflectionofthe3.4%averageincreaseinstaffto18,153(previousyear:17,549employees).Ofthese,615employeesareworkinginhearingaidstudios(previousyear:492employees),representinganincreaseof25%.

Anotherreasonforthefurtherincreaseinpersonnelexpensesisthepositivebusi-nessdevelopmentofvariableremunerations.

Write-downs increasedby5.7% (¤2.3million) reaching¤42.3million. Thisincreaseisaresultofmuchgreaterinvestmentactivitiessincethefinancialyear2015,particularlyinstoreexpansions,renovationsandrelocations.

AspartoftheZenITproject,allthestoresinGermanyandAustriawerefittedwithtabletcomputersbytheendof2016.Thishasensuredamoreefficientprocessingofcustomerorders.Preparatorymeasureshavebeenundertakensince2017foraroll-outinSwissstoresin2017.

Thedigital contact lens services havebeenavailable inGermany since2016andwerefurtherdevelopedin2017.Theinternationalroll-outinselectedmarketsisbeingprepared.

There was a disproportionate increase of 4.9% in other operating income to¤263.3million(previousyear:¤250.9million).TheincreaseintheeurocomparedtoreferencecurrenciesliketheUSdollarandtheSwissfrancledtoa¤4.6millionriseinforeignexchangeconversioncosts.TherewerealsodecreasedconsultingcostsintheITdivisionof¤1.4million.

604020 0 GermanySwitzer- Austria land

53

Market share in terms of unit sales 2017,in%

33

46

Pre-tax return on sales 2017in%

1812 6 0 GermanySwitzer- Austria land

17.219.0 18.7

MANAGEMENT REPORT

AnnualReport2017 37

Whenviewedonanetbasis,thefinancialresultfellto¤–0.4million,asagainst¤–0.1millioninthepreviousyear.Thefinancialresultiscalculatedfromnon-casheffects(inconnectionwithcompoundedanddiscountedinterestbasedontheIFRS/IASvaluationofbalancesheetitems)andfromoperatingnetinterestincome(resultingfromtheinvestmentandborrowingoffinancialassets).

Theresultisduetofinancialandcapitalinvestments,andamountedtoatotalof¤0.8millionin2017,after¤1.3millioninthepreviousyear.

Theexpansionarymonetarypolicyofthecentralbankscontinuedtohaveastrongimpactonthesefigures.TherefinancinginterestrateoftheECBremainedunchangedat0%in2017.DuetotheECB’spurchaseprogrammeforgovernmentbondsandothersecurities,theinterestlevelremainedatarecordlowintheshort-tomid-termmaturi-ties.ParticularlyasaresultoftheinterestratedevelopmentintheUSA,thelong-terminterestratesincreasedmarginallytotheendoftheyear.Inmanycases,banksnownolongerpayinterestontimeandtermdepositswithamaturityofupto12months.

In the reportingperiod, thepre-taxprofit of the FielmannGroupamounted to¤ 248.6 million, which represents a 3.0% year-on-year increase (previous year:¤241.5million).Netincomefor theyeartotalled¤172.9million(previousyear:¤171.2million).ThetaxratiooftheFielmannGroupstoodat30.5%,after29.1%inthesameperiodofthepreviousyear.Theratioisinfluencedbytheresultofataxauditofthetaxableperiods2014and2015,whoseeffectsarealsorecordedinthe2017annualaccountsfortheyears2016and2017.Asapermanenteffectofthemodifiedallocation of incomeand expenses and the different profit tax rates inGermany,AustriaandSwitzerland,weanticipatean0.3%increaseinthetaxratiofrom2018comparedtothelong-termtaxrateof29.1%.For2017,thesegmentGermanywasallocated¤3.5millionmoreincomeandthesegmentsSwitzerlandandAustriawereallocated¤2.4millionand¤1.1millionlessincomerespectively(seeNote(43)).

Fielmannhas invested in themarketand inqualifiedemployees.Wearealsopushingaheadwithourexpansionandbuildingupournetworkofstores.

Thepre-taxreturnmargin(relativetoconsolidatedtotalsales)is17.9%(previousyear:18.1%),representinganetreturnof12.5%(previousyear:12.8%).Thereturnonequityaftertaxremainsunchangedat32.0%(previousyear:32.0%).

Earningsbeforeinterest,taxes,depreciationandamortisation(EBITDA)improvedto¤291.3million(previousyear:¤281.6million),andearningspershareis¤2.00(previousyear:¤1.98).

Theresultwasgeneratedby723stores(previousyear:704),180ofwhichhaveintegratedhearingaidstudios(previousyear:168stores).Inaddition,Fielmannop-erates46smallerstoresinBelarusandUkraine(previousyear:45locations).The25storesintheBalticStatesthatareoperatedbyafranchisepartnerarenotconsolidated(previousyear:24stores).

375250125 0 ’15 ’16 ’17

356.8 368.1350.1

Financial assets asat31.12.in¤million

MANAGEMENT REPORT

38 AnnualReport2017

Segments Inthereportingperiod,the597FielmannstoresinGermany(previousyear:589)soldatotalof6.74millionglasses(previousyear:6.64millionglasses)andgeneratedsalesrevenuesof¤1,163.9million(previousyear:¤1,108.3million).FielmannmaintaineditsmarketshareinGermany:with5%ofallopticalstores(previ-ousyear:5%),Fielmannachieveda21%salesmarketshare(previousyear:21%)anda53%marketshareintermsofunitssold(previousyear:53%).InGermany,Fielmannrecordedapre-taxresultof¤207.3million (previousyear:¤192.2million).Thepre-taxprofitmarginsalesamountedto19.0%(previousyear:18.2%).

InSwitzerland,the42Fielmannstores(previousyear:40stores)salesgeneratedunitsalesof472,000glasses(previousyear:470,000glasses).Salesrevenuesinthesegmentamountedto¤171.6million(previousyear:¤170.6million).

TheSwissfrancstoodatCHF1.11comparedtotheeuroontheyearlyaverage(previousyear:CHF1.09).Onacurrency-adjustedbasis, salesgrowthwas2.6%(previousyear:1.1%).Pre-taxearningsranto¤29.5million(previousyear:¤32.6million).Thereturnonsaleswas17.2%,after19.1%in2016.

With4%ofallopticalstoresinSwitzerland(previousyear:4%),Fielmannrecor-deda46%unitmarketshare(previousyear:45%)andasalesmarketshareamoun-tingto16%(previousyear:15%).

Inthereportingyear,unitssoldinthe37Austrianstores(previousyear:37)to-talled430,000glasses(previousyear:424,000).Salesrevenuesinthesegmentroseby3.3%to¤81.7million(previousyear:¤79.1million).Pre-taxearningsamountedto¤15.2million,after¤16.0millioninthepreviousyear.Thepre-taxprofitmarginsalesamountedto18.7%(previousyear:20.3%).

With3%ofallopticalstoresinAustria(previousyear:3%),Fielmannrecordeda33%unitmarketshare(previousyear:33%)andasalesmarketshareamountingto21%(previousyear:20%).

IntheEUmemberstatesofFrance,Italy,Luxembourg,theNetherlandsandPoland,theGroupoperates47locations(previousyear:38stores).Thesestoresaregroupedwithour46smallerstores(previousyear:45locations)inBelarusandUkraineandarerepresentedinthe“Other”segment.

UnitssoldinPolandremainedalmostunchangedat134,000glasses.Onaveragefortheyear,thePolishzlotywaspricedatPLN4.26for¤1.00(previousyear:PLN4.36).WhereastheturnoverinEURfellby1.8%,itremainedalmostconstantinPLN.Theresultsdevelopedaccordingly,withapre-taxreturnof7.4%(previousyear:7.0%).

Salesrevenuesinthe“Other”segmentamountedto¤39.4million(previousyear:¤32.9million).Pre-taxearningstotalled¤-3.9million(previousyear:¤0.5million),mainlyasaresultofstart-upcostsforthenewlyopenedstoresinItaly.

900600300 0 ’15 ’16 ’17

891.1925.7

Total Group assetsin¤million

913.5

MANAGEMENT REPORT

AnnualReport2017 39

Financial situation

Financial management ThefinancialsituationoftheFielmannGroupremainssolid.Thedividendpay-outoftheFielmannAktiengesellschaftforthefinancialyear2016inJune2017roseby2.9%to¤151.2million(previousyear:¤147.0million).Takingintoaccount the38.7%increasein investments to¤68.8million(previousyear:¤49.6million), thefinancialassetsasat thereportingdate fell to¤350.1million(previousyear:¤368.1million).Attheendofthereportingyear,financialresources(assetswithmaturityofuptothreemonthstotheacquisitiondate)amountedto¤172.1million(previousyear:¤114.0million).Forfurtherinformation,particularlywithregardtothechangedmaturitystructureofassets,pleaserefertoNote25intheNotestotheConsolidatedAccounts.

TheFielmannGroup’sinvestmentpolicyisdefensiveandfocusedonsafeguardingtheassetsof the company. Investmentguidelinesprovide caps forboth individualissuesandassetcategories.Investmentdecisionsaremadecentrally.Thelong-termliabilitiestobanksamountedto¤0.8million(previousyear:¤0.8million).Additionalavailableshort-termcreditlineswereusedsolelyforsureties.Cash flow trend and investments Year on year, cash flow fromoperatingactivitiesincreasedby31.0%to¤287.1millionoverthelastyear(¤219.2millionin2016).Themarkedincreaseisrelatedtothereturnsfromcapitalinvestments.Cashflowpershareconsequentlyclimbedto¤3.42(previousyear:¤2.61).

The cash flow from investment activity amounted to¤ –69.3million (previousyear: ¤ –49.0 million). The investment volume in the reporting year was ¤ 68.8million(previousyear:¤49.6million)andwasfinancedsolely throughFielmann’sownfunds.Theinvestmentsfocusedontheexpansionandmaintenanceofthestorenetwork.After their successful introduction inGermanyandAustriaaspartof theZenITproject,theroll-outwithtabletcomputerswaspreparedinthefinancialyearforthestoresinSwitzerland.ThedigitalcontactlensserviceshavebeenavailableinGermanysince2016andwerefurtherdevelopedin2017.Theinternationalroll-outinselectedmarketsisbeingprepared.

Thecashflowfromfinancingactivities,whichisessentiallyduetothedividendpayout,amountedto¤–159.7million(previousyear:¤–151.7million).

600400200 0 ’15 ’16 ’17

520,8 539,6

Equity capitalafterdeductionoftheproposeddividendin¤million

535,1

MANAGEMENT REPORT

40 AnnualReport2017

Assets

Assets and capital structure Inthereportingyear,totalGroupassetsroseby1.3%to¤925.7million(previousyear:¤913.5million).

Theincreaseinintangibleassetsof¤6.4millionislargelyconnectedtothefurtherdevelopmentofsoftwareforourcontact lensbusinessandtheacquisitionofmorestandardsoftwarelicenses.

The Group reported tangible fixed assets of ¤ 239.7 million (previous year:¤224.4million).TheshareofthetotalGroupassetsincreasedto25.9%(previousyear:24.6%).

Investmentsinnewstores,newhearingaidstudiosandtheconversionofexistingstoresaswellas theupgradeofour logistical capabilities inRathenowexceededdepreciationby62.8%.Asaresult,tangiblefixedassetsincreasedby¤15.3millionfortheyearasawhole(previousyear:¤1.2million).Aftertheproposeddividendpayout,theequitycoverfortangiblefixedassetsamountsto225.1%(previousyear:238.5%).

Thedecreaseofthenon-currentotherfinancialassetsof¤29.2millionisincon-nectionwiththeinvestmentoffreeliquidassetsincapitalinvestmentswitharemainingmaturityofoveroneyearat the timeofacquisition.This isalso thecontextof thedevelopmentofthecurrentfinancialassetsaswellasthecashandcashequivalents.

Currentassetsamountedto¤525.8million(previousyear:¤511.1million).Otherinventoriesremainedalmostunchangedandonlyroseby0.4%to¤128.7million(previousyear:¤128.1million).

Asatthereportingdate,tradereceivableswereupdisproportionatelyby¤4.4million to¤31.1million (previousyear:¤26.7million).Although the increase isnotable,inrelationtosalesitisnotsignificantonaccountofthebusinessmodel.

Consolidatedequitygrewby0.8%,or¤4.5million,andamountsto¤539.6million(previousyear:¤535.1million)afterthedeductionoftheproposeddividendpayoutof¤155.4million.ThesoundfinancialpositionoftheFielmannGroupisalsoreflectedinthehighequityratioof75.1%includingtheproposeddividend(previousyear:75.1%).

Accrualsamountedto¤66.6million(previousyear:¤64.8million).Theyarearisingprimarilyinconnectionwithperformance-basedstaffremunerationandcontri-butionstotradeassociations.Whilenon-currentaccrualsroseonlyby¤0.5million,currentaccrualsincreasedby3.2%,or¤1.3million.

Inthereportingyear,tradeliabilitiesincreasedby1.2%to¤63.8millionandaredirectlylinkedtothepurchasingvolumeanddevelopmentoftheinventories(previousyear:¤63.0million).

MANAGEMENT REPORT

AnnualReport2017 41

General statement of the management board

on the current financial situation

AtthetimeofpreparingthepresentAnnualReport,theManagementBoard’soutlookwithregardstotheoverallbusinessdevelopmentremainspositive.Asperthecurrentplan,theManagementBoardaimstofurtherimproveFielmann’smarketshareintermsofunitssold,salesandprofits.AsattheprintingdateofthisAnnualReport,businessperformancewasinlinewiththeManagementBoard’sexpectations.

Employees Fielmannistheindustry’sbiggestemployerinGermanyandSwitzer-land.Inthereportingyear,anaverageof18,153staffwereemployedintheGroup(previousyear:17,549employees).

Personnelexpensestotalled¤568.7million(previousyear:539.9million).Thepersonnelcostrate(inrelationtoconsolidatedtotalsales)amountedto41.0%(pre-viousyear:40.4%).

Fielmann’ssuccessistoalargedegreetheresultofthededicationofourgreatemployees.Fielmannisamoderncompany.Womenaccountformorethan70%ofourworkforceinGermany.TheproportionofwomeninthetopthreemanagementlevelsbelowtheManagementBoardstandsatover30%(previousyear:over30%).Theshareofhighlyqualifiedwomenwithprofessionalexperiencecontinuestorise.Byadoptingflexibleworkingarrangements,Fielmannhasestablishedafamily-friendlyenvironmentforitsemployees.Asatthereportingdate,30%ofour18,522employeesworkonapart-timebasis (previousyear:29.4%of17,873).Fielmann is thereforequitesuccessfulinaccommodatingindividualrequestsforabetterwork-lifebalance.

NotleastbecauseofdemographicchangesinGermany,SwitzerlandandAus-tria,Fielmannisrecruitingstaffatanearlyage.Throughawidevarietyoftrainingprogrammesweensureahighdegreeofqualification.Fielmannoffersawide-rang-ingspectrumofcareeroptionswithattractiveremunerationpackagesandfinancialdevelopmentprospects.WehavemadeworkingatFielmannevenmoreattractiveinrecentyears.

Aclear customer focushas takenFielmann to the top.Ourphilosophy isalsoreflected in the salaries paid to our employees.A considerableproportionof thebonusespaid tostoremanagersand theManagementBoard isdependenton thesatisfactionofourcustomers.Inaddition,Fielmanngivesitsemployeestheopportunitytoacquireaninterestinthecompany.Morethan85%(previousyear:85%)ofouremployeesholdFielmannsharesandreceivedividendsinadditiontotheirsalaries.Thisactsasamotivation.Ourcustomersbenefitasaresult.

Employee developmentGroup on an average

18.00012.000 6.000 0 ’15 ’16 ’17

16,96118,15317,549

Employee developmentGroupasat31.12.

18.00012.000 6.000 0 ’15 ’16 ’17

17,28718,522

17,873

Apprenticesasat31.12.

3.0002.0001.000 0 ’15 ’16 ’17

3,065

3,4173,190

MANAGEMENT REPORT

42 AnnualReport2017

Fielmann training and professional development FielmannstoresinGer-manyandabroadarerunbymasteropticiansandoptometrists.Theyaresupportedbyateamoffriendly,competentstaffconsistingmainlyofopticians.Fielmannisthebiggesttrainingproviderintheopticalindustry,employing3,417apprenticesbytheendoftheyear(previousyear:3,190).Ofthis,Germanyaccountsfor3,048app-rentices(previousyear:2,838).InSwitzerland,Fielmannemploys196apprentices(previousyear:184)andinAustriathereare165apprentices(previousyear:155).

Nationalawardstestifytothehighstandardofourtraining.IntheGermanopticalindustrycompetition,Fielmannaccountedforallnationalwinnersoverthelastsevenyears.

AtPlönCastle, Fielmann trainsyoung talent tobecome thenextgenerationofleadingopticians.Again in2017,more than7,000opticians successfullyfinishedcoursesatthePlönCastleFielmannAcademy.Since2012,Plönhasnotonlybeenthecentralsiteoftrainingandprofessionaldevelopment(CPD)foropticians,butalsoforhearingaidprofessionals.

State-of-the-arttechnologycombinedwithinnovativeteachingmethodsaddtothehighstandardofourtraining.

TheFielmannAcademyColloquiainPlönhavebecomeestablishedasaperma-nentfixturefortheexchangebetweenscienceandpracticalapplication.Intotal,morethan5,000visitorshaveattended39eventssince2007todiscussthelatesttrendsintheopticalindustry.

Comparison of planned/actual data 2017 TheFielmannGroupformulateditsexpectationsregardingtheGroup’sbusinessdevelopmentin2017intheformofaforecastinthe2016AnnualReport.Theseexpectationshavebeenlargelymet.

Fielmannexpandeditssalesnetworkinthefinancialyearbyafurther19stores.6newstoreswereopenedinGermany,7inItalyand2inSwitzerland(planfor2017:morethan10newstoreopenings).

Therewererelocationsandrenovationsat34locations.(Planfor2017:Fielmanndevelops its store network in Germany and presses ahead with its expansion inneighbouringcountries.InGerman-speakingareas,weexpandourstoresandmoveintobetterlocations).

In2017,atotalof¤68.8millionwasinvestedinexpanding,modernisingandmaintainingthestorenetwork,theproductionandourinfrastructure(planfor2017:¤61.1million).Investmentswereaccountedforasfollows:

755025 0 planned actual

61.1

Comparison Investments,2017in¤million

68.8

MANAGEMENT REPORT

AnnualReport2017 43

Investmentsof¤51.9millionweremade inGermany (plan for2017:¤48.9million),¤0.5millioninAustria(planfor2017:¤1.5million),¤6.4millioninSwit-zerland(planfor2017:¤6.6million)and¤0.1millioninPoland(planfor2017:under¤1.0million).Spendingontherenovationofexistingstoresandopeningofnewonestotalled¤44.9million(planfor2017:¤36.3million).Around¤3.5millionwasinvestedinincreasingourproductioncapacity(planfor2017:¤5.8million)andafurther¤20.4millionwasinvestedintotheFielmannGroup’sinfrastructure(planfor2017:¤19.0million).

Lastyear,Fielmann investedmore than¤20million in trainingandcontinuedprofessionaldevelopment(planfor2017:¤20million).

Plannedmarketshareincreaseswereachievedasexpected,particularlyregio-nally,inthe2017financialyear.

Inthe2017financialyear,unitssoldincreasedby1.5%(planfor2017:slightriseinunitssoldcomparedtopreviousyear),consolidatedsalesroseby3.6%(planfor2017:salesexpansionslightlybelowtheaverageofpreviousyears;averageincreasefrom2012to2016:4.9%).Therewerefourfewershoppingdaysin2017comparedto thepreviousyear.Thiseffectcouldbe felt in the fourthquarter inparticular. Inaddition,theweakerSwissfrancincomparisontothepreviousyearhadanegativeimpactontheconsolidatedsales.

Pre-taxearningsamountto¤248.6millionandarethereforeslightlyhigherthaninthepreviousyear(planfor2017:pre-taxearningsatthelevelofthepreviousyear).Customersatisfactionstandsat92.2%(planfor2017:toholdcustomersatisfactionofover90%atthepresentlevel).Asplanned,shareholdersbenefitedfromthecompany‘ssuccessthroughanincreaseof2.8%inthedividendpayoutfrom¤1.80to¤1.85.Thistranslatesintoareturnonsalesandequitythataresurprisinglyhighforaretailbusiness(pre-taxprofitmarginonsales:17.9%;returnonequityaftertax:32.0%).

Remuneration report Inprinciple,ManagementBoardcontractsrunforthreeyears. Management Board emoluments for work carried out in the financial yeararedividedintofixedandvariableperformance-relatedcomponents.ThememberoftheManagementBoardwholeft thecompanyon30June2017wasgrantedapensionundertakingworth40%ofhisfinalgrosssalary.TheindividualpecuniarybenefitfortheprivateuseofcompanycarsandthepremiumforaFielmannGroupaccidentinsurancepolicyfortheManagementBoardmembersareattributedtothefixedremunerationprorata.ThebonussystemthatappliestoallManagementBoardmemberscomprisesthefollowing:

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ThestrictcustomerorientationoftheFielmannGroupasthecoreofitscorporatephilosophyisreflectedinthevariableremunerationcomponentoftheManagementBoardcontract.Bonusesaresplitintotwoparts.BonusIisbasedonnetincomefortheyear.BonusIIisaimedatpromotingthecompany’slong-termdevelopment.BonusIIiscalculatedonthebasisofcustomersatisfaction.

ForBonusI,thebonuspercentagethathasbeenagreedfortheindividualMa-nagementBoardmembersismultipliedby70%oftheadjustedannualnetprofitoftheFielmannGroup.ForBonusII,theindividualbonuspercentageisinitiallycalcu-latedas30%oftheadjustedannualnetprofitinthethree-yearbonusperiodoftheFielmannGroup.

Theamountobtainedinthiswayisthenratedonthebasisofasystemoftargetsandthefinalresultmaybebetween0%andamaximumofdoublethestartingpoint,i.e.60%.Customersatisfactionis thereforeparticularlyimportantwhenmeasuringbonuses.

Atthesametime,theupperlimitofthetotalvariableremunerationpayabletoamemberoftheManagementBoardwassetatapercentageofthefixedremunera-tion.Under thesecontracts, theceiling for totalvariableremuneration forGüntherFielmannandGünterSchmidis200%offixedremuneration(BonusIandBonusII),whileforDrStefanThiesandGeorgAlexanderZeiss,itamountedto150%ofthefixedremunerationupto30June2016,andthen175%from1July2016.ForMarcFielmann,MichaelFerleyandDrBastianKörber,theceilingfortotalvariableremu-nerationamountsto150%.

The individualamountspayable for thefinancial reportingyearand those forthepreviousyearare indicatedunderNote(30) in theNotes to theConsolidatedAccounts,inaccordancewiththereferencetablesoftheGermanCorporateGover-nanceCode.Inthissection,therearealsoexplanationsofanagreementrelatingtothedepartureofonememberoftheManagementBoardfromthecompanyattheendofthecontracton30June2017.

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

(HGB) as well as the shareholder structure

The composition of the subscribed capital ThesubscribedcapitalofFielmannAktiengesellschaftamountedto¤84million,dividedinto84millionordinary(bearershares)sharesofnoparvalue.Therearenodifferentcategoriesofshare.Allsharescarrythesamerightsandobligations.EachnoparvaluesharegrantsonevoteintheAnnualGeneralShareholders’Meeting(AGM)ofFielmannAktiengesellschaft(Article14Para.6oftheArticlesofAssociation).

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Limitations affecting voting rights or the transfer of shares With theagreementdated4April2013,MarcFielmannandSophieLuiseFielmannjoinedapoolagreement(poolcontract)betweenGüntherFielmannandKORVASE,Lütjensee,thatinturnwasformedon3April2013.

Thepoolcontractcomprises60,180,844sharesinFielmannAktiengesellschaft(poolshares).Accordingtothepoolcontract,thetransferofpoolsharestothirdpartiesrequiresapprovalbyallothermembersofthepool.Inaddition,everypoolmemberwishingtoselltheirpoolsharesmustfirstofferthesetotheothermembersofthepool(preferentialpurchaseright).

ThepoolcontractstipulatesthatthevotingrightsofpoolsharesmustbeexercisedattheAGMofFielmannAktiengesellschaftinaccordancewiththeresolutionspassedbypoolmembersinthepoolmeeting,andthatthismustoccurregardlessofwhetherandinwhatwaytherespectivepoolmembervotedatthepoolmeeting.ThevotingrightofapoolmemberinthepoolmeetingisbasedontheirvotingrightattheAnnualGeneralMeetingofFielmannAktiengesellschaft.Eachpoolsharegrantsonevote.

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

rights Atthetimeofpreparingtheseconsolidatedaccounts,thefollowingdirectandindirectinterestsinthesharecapitalexceededthe10%threshold:GüntherFiel-mann,Lütjensee(directandindirectshareholdings),MarcFielmann,Hamburg(directand indirect shareholdings), Sophie Luise Fielmann, Hamburg (direct and indirectshareholdings),KORVASE, Lütjensee (directand indirect shareholdings), FielmannInteroptikGmbH&CO.KG,Hamburg(directandindirectshareholdings),FielmannFamilienstiftung,Hamburg(indirectshareholdings).

Thefreefloatamountsto28.36%.Forfurtherinformationonvotingrights,pleaserefer to the Notes to the Consolidated Accounts for 2017 of Fielmann Aktienge-sellschaft.

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 Thereisnosuchconstel-lationwithinthecompany.

Statutory regulations and provisions in the Articles of Association gov-

erning the appointment and dismissal of Management Board members

and amendments to the Articles of Association ThestatutoryprovisionsonappointmentanddismissalofManagementBoardmembersarelaiddowninArticle84oftheGermanStockCorporationAct(AktG).Article7Para.1oftheArticlesofAssociationofFielmannAktiengesellschaftprovidesforthefollowingregulationonthecompositionoftheManagementBoard:

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

ThestatutoryprovisionsonamendingtheArticlesofAssociationarelaiddowninArticle119oftheGermanStockCorporationAct(AktG)inconjunctionwithArticle179of theAktG.Article14Para.4of theArticlesofAssociationofFielmannAk-tiengesellschaftprovidesforthefollowingregulationonamendmentstotheArticlesofAssociation:

“(4) Unless otherwise stipulated by the statutory provisions, a simple majorityof votes cast is required and sufficient to pass resolutions at the Annual GeneralMeeting.”

Authorisation of the Management Board to issue or repurchase

shares TheManagementBoardisauthorised,withtheunanimousconsentofallitsmembersandsubjecttotheconsentoftheSupervisoryBoard,tocarryoutnewrightsissuesofordinarybearersharesforcashand/orcontributionsinkindtotallingupto¤5million,inoneormorestages,upto13July2021(authorisedcapital2016).Thenewsharesaretobeofferedtoshareholdersforsubscription.

However,theManagementBoardisauthorised,withtheunanimousconsentofallitsmembersandsubjecttotheconsentoftheSupervisoryBoard,toexcludeshare-holders‘subscriptionrightsinthefollowingcases:

– tomakeuseofanyresidualamountsbyexcludingshareholders’subscriptionrights;

– whenincreasingthesharecapital,inreturnforcashcontributionspursuanttoArticle186Para.3(4)oftheGermanStockCorporationAct(AktG),iftheissueamountofthenewsharesdoesnotfallfarshortofthemarketpriceforsharesthatarealreadylistedatthetimetheissueamountisfinallydetermined;

– foracapitalincreaseforcontributionsinkindtograntsharesforthepurposeofacquiringcompanies,partsofcompaniesorinvestmentsincompanies.

Moreover,theManagementBoardisauthorised,withtheunanimousconsentofallitsmembersandsubjecttotheconsentoftheSupervisoryBoard,tostipulatealltheremainingdetailsconcerningimplementationofsharecapitalincreasesinthecontextofthe2016authorisedsharecapital.

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

company following a takeover bid Suchsignificantagreementsdonotexist.

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Compensation agreements concluded by the company with the mem-

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

bid SuchcompensationagreementswiththemembersoftheManagementBoardoremployeesdonotexist.

Group declaration of corporate governance as per Section 315d of the

German Commercial Code (HGB) Thedeclarationofcorporategovernancewas issuedby theManagementBoardandSupervisoryBoardandmadepubliclyavailableonapermanentbasis.Itcanbeaccessedonlineatwww.fielmann.com.

Details pursuant to Sections 289b and 315b of the German Commercial Code

(HGB) on the non-financial declaration (Corporate Social Responsibility Re-

port) Forthefinancialyear2017,FielmannhasprepareditsactivitiescollectivelyforthefirsttimeinthefieldofCorporateSocialResponsibility(CSR).Thereportpresentsthenon-financialdeclarationofFielmannAktiengesellschaftpursuanttoSection289bPara.3oftheGermanCommercialCode(HGB)andoftheFielmannGrouppursuanttoSection315bPara.3oftheGermanCommercialCode(HGB).FielmanntherebycomplieswiththeprovisionsformulatedbytheCSRDirectiveImplementationActsetoutinSections289band315boftheGermanCommercialCode(HGB).ThereportwascompiledinlinewiththeGRIstandardoftheGlobalReportingInitiative(GRI)andwillbepublishedonthewebsitewww.fielmann.com.

Details pursuant to Section 160 Para. 1 No. 2 of the German Stock Corpo-

ration Act (AktG) TheNotestotheConsolidatedAccountsofFielmannAktienge-sellschaftcontaindetailsabout thenumberof thecompany’sownsharesandtheirdevelopmentinthefinancialyear2017.

Dependency report InaccordancewithArticle312oftheGermanStockCorpora-tionAct(AktG),theManagementBoardofFielmannAktiengesellschafthaspreparedadependencyreportdetailingthecompany’srelationshipswithGüntherFielmann(ChiefExecutiveOfficer(CEO)ofFielmannAktiengesellschaft)aswellaswithothercompaniesaffiliatedtohimandwiththecompanieswhicharepartoftheFielmannGroup.

TheManagementBoardhasreleasedthefollowingclosingstatementinthisreport:“InaccordancewithArticle312Para.3oftheGermanStockCorporationAct

(AktG),theManagementBoarddeclaresthatourcompanyreceivedanappropriateserviceorcompensationinreturnforeachtransactionindicatedinthereportonre-lationshipswithaffiliatedcompanies,onthebasisofthecircumstancesofwhichwewereawareatthetimewhenthetransactionswerecarriedout.Nomeasuresthataresubjecttomandatoryreportingrequirementsoccurredinthe2017financialyear.”

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Risk management system

Fielmann’scomprehensiveopportunityandriskmanagementsystemenablesthecom-panytoidentifyandmakeuseofopportunitiesingoodtime,whilealsokeepinginmind the potential risks. The company’s risk management is based on a detailedreporting,whichcomprisesallplanningandcontrolsystems.Usingpreviouslyidenti-fiedanddefinedthresholds,thecompanyregularlyanalyseswhetherconcentrationsofriskexistwithintheGroupandwithinFielmannAktiengesellschaft.Monitoringisintegratedineverydayprocesses,withmonthlyandannualreportingcompletingtheearlywarningsystem.PotentialrisksareidentifiedandevaluatedwithregardtotheirpotentialsignificanceforthebusinesspositionofFielmannAktiengesellschaftandtheGroup.Theresultsoftheriskassessmentarerecordedwithatrafficlightsystemforthepotentialseverityoftherisk.Therisksarecategorisedasfollows:Green: good situation (expecteddamagehasanextentof less than1%of

anticipatedpre-taxprofit)Green-yellow:slightlynegativedeviationfromgoodsituation(expecteddamagehas

anextentofbetween1%and≤3%ofanticipatedpre-taxprofit)Yellow: riskofcriticalsituationoccurring(expecteddamagehasanextentof

between3%and≤5%ofanticipatedpre-taxprofit)Yellow-red: criticalsituation(expecteddamagehasanextentofbetween5%and

≤10%ofanticipatedpre-taxprofit)Red: highlycritical(expecteddamagehasanextentofmorethan10%of

anticipatedpre-taxprofit)In addition to monthly and annual reporting, there is also mandatory ad hoc

reporting.Theprocessofriskidentification,evaluationandassessmentiscarriedoutinadecentralisedwayby the individualdepartments.The riskofficercoordinatestheriskidentification,evaluationandassessment.HeisresponsibleforconveyingtheriskfromtheindividualdepartmentstotheManagementBoard.Thiscoversawiderangeofseparaterisks,whichcaninturnbegroupedintothefollowingcategories:– Businessenvironmentrisks– Groupperformanceandexpenserisks– Risksinotherareas: – Finance – ProductionandLogistics – InformationTechnology – Personnel

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Thesystemreflectsthelikelihoodofrisksarisingandtheirpotentialimpact.Theeffectivenessoftheinformationsystemisregularlyassessedbyinternalaudits,aswellasbyanexternalaudit.TheFielmannGroupandFielmannAktiengesellschaftfacepotential risksasdetailedbelow.Anyadditionalgeneral risksarenot specificallydefinedas,bytheirverynature,theycannotbeavoided.

Opportunities and risks inherent in future development TheinformationbelowonrisksinherentinfuturedevelopmentrelatestotherisksincludedinFielmann’srisk management system. To improve the quality of the information provided, thereportingofcreditrisks,exchangeraterisks,interestraterisks,marketrisksandliqui-dityrisksunderIFRS7isincludedintheManagementReportunder“FinancialRisks”.Theexplanationsconcerningtheopportunitiesinherentinfuturedevelopmentmainlyrelatetooperatingareas.

Industry risks and other external risks (business environment risks) Eco-nomicfluctuationsintheinternationalmarketplaceandincreasinglyintensecompeti-tionconstitutethefundamentalrisks.Thisgivesrisetorisksrelatingtopricesandsales.Throughcontinuousdecentralisedandcentralisedmonitoringofthecompetition,weidentifytrendsanddevelopmentsearlyon.Monitoringthecompetitionalsoincludestracking thedevelopmentof relevant technologiesand theservicesprovidedbye-commercecompanies.Onlinevendorsofferingopticalproductsareobservedthroughvariousautomatedandmanualmeans.

TheManagementBoardandotherdecision-makersareinformedpromptlyofanymovementsinthemarket.Inthisway,risksareidentifiedingoodtimesothatmeasurescanbeimplementedquickly.

Consumerbehaviourisincreasinglyinfluencedbydigitaltechnologies.Glassesandespeciallycontactlensesarenowalsobeingofferedonline.Currently,distancesalescompaniesofferingprescriptionglassesholdonlya1%salesmarketshare.Themajorityofshippedproductsalesareattributabletocontactlenses.Thetotalsalesgeneratedbydistancesalescompaniesstandsat¤261millioninGermany(ZVA,2018).

Toassembleapairofglasses theopticianneeds tocarryoutaneyesight test.Fielmanndoesnotcurrentlysellprescriptionglassesviatheinternet.Imprecisedatacanleadtoprismaticsideeffects,whichcanbringaboutfatigue,nausea,headachesordoublevision.Giventhetechnologyavailabletoday,fittinglensesviaanonlineportalyieldsunreliableresults.

Fielmanndeliverscontactlensestocustomers’homesfreeofchargeinGermanyandAustria.Thelensescanbere-orderedviasmartphone,computerortablet.

Consequently, the assessment of risk from distance sales competition remainsunchangedat“low”(greentogreen-yellow).

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Segment-specific risks (business environment risks) In the segment re-porting,Fielmannoutlines theperformanceofregionalgeographies in the formofconsolidatedaccountsinlinewithIFRS.Amongsttheregionalmarkets,onlythesalesrevenuesofSwitzerlandand thesalesof the“Other”segmentcanbeaffectedbyexchangeratefluctuations.For furtherdetails,pleaserefer toourcommentsunder“CurrencyRisks”.

Changesinhealthcarelegislationdonotposemanyrisksfortheopticalretailmarket.

Aspart of the2004health reform,peoplewith statutory health insurancenolongerpayforprescriptionglasses,withveryfewexceptions.Besideschildrenandyoungpeopleuptotheageof18,insuredadultsareentitledtomakeclaimsiftheycanproveextremevisualimpairmentinbotheyesandifthevisualperformanceoftheirbesteyereachesnomorethan30%afterthebestpossiblecorrectionmeasures.

Theexemptionclauseforclaimingapairofglasseswasextendedasofspring2017.Allinsuredpeoplewhorequirelenseswitharefractivepowerofatleast6diop-tresduetoshort-orlongsightednessorwitharefractivepowerofatleast4dioptresduetoacornealcurvatureareentitledtohavetheircostscoveredtothesumofthefixedamountsetbytheNationalAssociationofStatutoryHealthInsuranceFundsorthecontractpriceagreedbytheirhealthinsurancecompany.

ThefixedamountthatstatutoryhealthinsurancefundsinGermanypayforhear-ingaidswasincreasedto¤785perhearingaidon1November2013.AllGermancitizenswithstatutoryhealthinsuranceareentitledtotreatmentthatbringsaboutasclosetonormalhearingasispossiblethroughthelatestmedicaltechnology.

Asaresultoftheframeworkagreementswithstatutoryhealthinsuranceprovid-ers,hearingaidprovidersarealreadyobligatedtomeetthisobjectiveatnochargeforcustomersandwithdiscounts forhealth insurancecompanies.ThispresentsanopportunityforFielmanntogainfurthermarketshares.

Operating risks (production and logistics risks) Bymanufacturingmanyoftheproductswesell,weareabletocontrolthecompletevaluechain,fromcheckingtherawmaterialstomountingtheglasses.QualitymanagementinlinewithDINISO9001ensuresastandardisedorganisationwithhighlyautomatedmanufacturingandtestingprocesseswhichdeliverconsistentlyhighquality.

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Intheeventofdisruptionstooperationsorlongertermproductionshortages,wehavetakencomprehensiveprecautionarymeasuresinourproductionfacilities:

– Systematictrainingandqualificationprogrammesforemployees– Ongoingfurtherdevelopmentoftheproductionprocessesandtechnologies– Comprehensivesafeguardsatthestores– Regularcalibrationofmeasuringequipment,maintenanceofmachinery,ITsystems

andcommunicationinfrastructureIntheeventofanylossthatmayneverthelessoccur,thecompanyisinsuredtoan

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

Group performance and expense risks Asadesigner,manufacturer,distri-butorandoptician,Fielmanncoverstheentirevaluechain.Ourprocurementstrengthandglobalbusinessrelationshipsallowustoeasesupplybottlenecksintheshorttermandrespondtodevelopmentsinpurchasingpricesinaflexibleway.Consequently,theassessmentofthiscostriskisunchangedat“low”(green).

Financial risks Foreignexchangeandinterestratefluctuationsmayresultinsigni-ficantprofitandcashflowrisksfortheFielmannGroup.Wherepossible,Fielmannap-proachestheserisksonacentralisedbasisandmanagesthemwithforesight.Businessoperationsalsogiverisetorisksrelatedtointerestratesandcurrencyfluctuations.Theinstrumentsusedtohedgethesefinancialrisksareindicatedinthenotestotheconso-lidatedaccountsontherespectivebalancesheetitems.Majorpurchasingcontractsarepricedineuros.Fielmannfinancesthemajorityofitsactivitiesfromitsownfunds.Theimpactofinterestratedevelopmentsonbusinessoperationsisthereforeminimal.

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

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Credit risks (finance) ThemaximumdefaultriskwithintheGroupcorrespondstotheamountofthebookvalueofthefinancialassets.Baddebtchargesareappliedtotakeaccountofdefaultrisks.Lowinterestratesintheeurozone,theexpansionoftheECB’spurchaseprogrammeand theexpansivemonetarypolicyby thecentralbankshadanimpactonallsectorsoftheeconomyin2017.However,thereisstillahighriskforthesingleeurocurrencyasaresultofailingbanksandhighprivateandpublicdebtinsomeeurozonecountries.TheECB'smainrefinancinginterestratewasunchangedat0.0%inthefinancialyear2017(previousyear:0.0%).

AsaresultoftheinterestrateincreasesintheUSA,thelong-terminterestratesintheeurozonealsomanagedtorecoverbytheendoftheyear.Againstthisback-ground, the net interest result of the Fielmann Group amounted to ¤ 0.8 million(previousyear:¤1.3million).

Withregardtofinancing,thetoppriorityofinvestmentdecisionsremains,inprin-ciple,tosecurepurchasingpoweronasustainedbasis.For2017,therateofinflationinGermany is1.8% (previous year:0.5%).An investmentguideline stipulates themaximumamountforallclassesoffinancialinstrumentsusedforinvestmentpurposes.Investmentoptionsareessentiallylimitedtoinvestmentgradesecurities.

Inlightofthecontinuinggreatuncertaintyonthefinancialmarketsin2017,Fiel-mannAktiengesellschaftresolvedtoinvest,inparticular,inassetswithahighcreditratingortoleaveliquidfundsoncash-managementaccountsoroncurrentaccounts.Businesspartners‘creditratingsarealwayscheckedandrecordedbeforeanymajorinvestmentdecisionismade.Settinganupperlimitoninvestmentsforeverycounter-partylimitsthedefaultrisk,asdoesthecurrentfocusontheinvestmenthorizonwithtermsof9months,onaverage(previousyear:maturitiesof14months,onaverage).Non-ratedsecuritiesaresubjecttointernalassessments.Amongotheraspects,thistakesintoaccounttheexistingratingoftheissuerorofacomparableborrowerandthefeaturesof thesecurities. Investmentswithatermofupto threemonthsdonotrequirearating,althoughtheseinvestmentsaresubjecttothespecificexemptionlimitsdefinedintheinvestmentguideline.

Consequently,theassessmentofcreditrisksisunchangedat“low”(green).Thereisnoconcentrationofdefaultrisksrelatingtotradereceivables,asretail

activitiesdonotresultinafocusonindividualborrowers.Inviewofthis,theassess-mentofdefaultriskisstill“low”(green).

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Liquidity risks (finance) OurfinancialcontrollingseekstoensurethattheMa-nagementBoardhasthenecessaryflexibilitytomakeentrepreneurialdecisionsandtoguaranteethetimelyfulfilmentoftheGroup’sexistingpaymentobligations.FielmannAktiengesellschaft’s liquiditymanagement iscentralised forallGroupsubsidiaries.Currently,therearenoliquidityrisks(green).Moreover,thehighlevelofliquiditypro-videssufficientleewayforfurtherexpansion.Asat31December2017,thefinancialassetsoftheGrouptotalled¤350.1million(previousyear:¤368.1million).

Market risks (finance) ThemarketrisksthatarerelevanttotheFielmannGroupareprimarilyinterestrateandcurrencyrisks.Sensitivityanalysisisusedtoillustratehowvariousdevelopmentsresultedfromtheimpactofpastperformanceorevents.

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

Currency risks (finance) Given its international focus, the FielmannGroup isexposedtocurrencyrisksinconnectionwithpaymentflowsoutsideitsownfunctionalcurrencyduringthenormalcourseofitsbusinessoperations.Morethan85%oftheGroup’spaymentflowsareineuros,approximately12%inSwissfrancs(CHF),withthe rest divided betweenUSdollars (USD), Polish zloty (PLN),Ukrainian hrywnja(UAH),Japaneseyen(YEN)andBelarusianroubles(BYN).

Inordertolimitcurrencyrisksonoutgoingpaymentsandregularexpectedcashflowsinforeigncurrencies,currencyforwardswithmaturitiesofupto12monthsareusedforhedgingpurposes.FielmannusesmarketablecurrencyforwardssolelyintheoperationalcurrenciesofCHFandUSD.WeemployfinancialhedgingsolelytosecuretheregularcashflowoftheGroupinforeigncurrencies,notforspeculativepurposes.

Simulationmodellingisusedasthebasisforassessmentofanyrisksidentified,takingintoaccountavarietyofdifferentscenarios.

Thefairvalueofthefinancialinstrumentsusedisgenerallyassessedonthebasisofexistingmarketinformation.ForeignexchangerisksarisingfromthetranslationoffinancialassetsandliabilitiesrelatingtoforeignsubsidiariesintotheGroup’sreportingcurrencyarenotgenerallyhedged.

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ThecurrenciesPLN,UAHandBYNarenothedgedastherelativelysmall totalsumgeneratedinthesecurrenciesdoesnotwarrantthehighcostofhedgingthem.

Asatthereportingdateof31December2017,therewerenocurrencyforwards(previousyear:none).TermdepositsintheUSDcurrencywerenotheld(previousyear:USD21million),andtherewerealsonohedgesagainsttheSwissfranc(previousyear:none).Consequently,thecurrencyriskassessmentisunchangedat“low”(green).

Demand for skilled staff (personnel) DemographicchangesarechangingGermanymorethananyotherdevelopmentsinsociety.Theageingofthepopulation,itsgrowingheterogeneityandthejuxtapositionofgrowthandpopulationlossinindi-vidualregionsareinfluencingdemographicchangeinGermanyandwillalsoaffectthelabourmarketinthelongterm.In2017,therewereapproximately49.3millionpeopleinthe20to64agegroup.AccordingtoestimatesbytheGermanFederalStatisticalOffice,thisnumberwillfallconsiderablyafter2020andreach44to45millionby2030.In2060,some38millionpeoplewillbeofworkingage(–14%).Asaresultofthedemographicchanges,thesizeoftheactivelabourforcewilldecreasefromthecurrent44.3milliontoapproximately41.1millionin2030.Thedigitizationoftheworkingworldischangingjobsandtherequiredqualifications.Tomeetthechallengesofdemographicandtechnologicalchangesandcounteracttheeffectsofthistrendatanearlystage,Fielmannisvisitingschoolsandjobfairstosecureskilledstaffforthefuture.Everyyear,morethan10,000youngpeopleapplytostarttheircareersatFielmann.

As thebiggest trainingprovider in theoptical industry, Fielmann is cultivatingGermanapprenticeships.OurvocationaltrainingiscarriedoutwithGermanprecisionandthoroughness.Yearonyear,Fielmannmakesaneight-digitinvestmentintraining,andhasincreasedthenumberoftrainingplacesby227inthelastyeartoatotalof3,417(previousyear:3,190apprentices),whichreprsentsanexpansionof7.1%.Nationalawardspaytestamenttothequalityofthetrainingweprovide.Fielmannalsoinvestsininnovativetrainingconcepts.Forexample,ourpart-timemastercoursesgiveopticianstheopportunitytoobtainfurtherqualificationsandthechancetoadvanceintheircareerswithouthavingtoleavethelocationtheyliveandworkin.Thisprogramisparticularlyinterestingforopticianswhoaretiedtoacertainlocationorwhoare,asisfrequentlythecase,restrictedduetofamilycommitments.

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Fielmanniscontinuingtoexpandandweareincreasingoureffortstorecruitqual-ifiednewemployees.SinceNovember2017,Fielmannhasrunanewcampaigntoattractadditionalapprentices.Thewebsitewww.optiker-werden.deprovidesinsightsinto thedaily lifeofanopticianworking for themarket leaderandaims toexciteyoungtalentsabouttheprofession.

Given thecurrent situationand the respectivemeasures thathavebeen imple-mented,theassessmentofpersonnelriskis“low”(green).

IT risks Theoperationsaswellas thestrategicmanagementof theGroupis in-tegrated into a complex information technology system. Fielmann’s IT systems areregularlymaintainedandareequippedwithaseriesofsafeguards.ThemaintenanceandoptimisationofthesystemsissecuredbymeansofaconstantdialoguebetweeninternalandexternalITspecialists.TheFielmannGroupalsocounteractsrisksfromunauthoriseddataaccess, datamisuseanddata losswithappropriatemeasures.Technologicalinnovationsanddevelopmentsarecontinuouslymonitoredanddeplo-yedwheresuitable.Consequently,theoverallassessmentofITrisksis“low”(green).

Opportunities Expertshaveascertainedthatevermorechildrenandyoungpeo-plewillneedglassesorcontactlenses.Today,agreaternumberofyoungpeopleareaffectedthanwasthecasejustafewdecadesago.Studieshavefoundthatfrequentlyusingclose vision for readingorworkingoncomputers,aswellasa shortageofnatural lightarereasonsfor thestronglongitudinalgrowthof theeyeballbetweentheagesof6and18.

AccordingtoastudycarriedoutbyKuratoriumGutesSehene.V.,thenumberofglasseswearersinthe20to29agegrouphasmorethandoubledsince1952.Inthe30to44agegroup,theriseisinexcessof55%.Inthesecondhalfoflife,virtuallyeveryonerequiresglasses.Normal-sightedpeopleneedreadingglasseswhentheypasstheir40’sandthosewhohadalreadyneededglassesatayoungeragethenneedtwopairs,onefornearvisionandtheotherfordistancevision.Progressivelensesare themostconvenientchoice thesedays.Fielmann isoutperforming the industrywithregardtogrowthinprogressiveglasses.Thisisexplainedbythestructureofourcustomerbase.Fielmanncustomersaregenerallyyoungerthanthoseofitstraditionalcompetitors.Theyremainloyaltousoveraperiodofmanyyears.Consequently,evenwithoutgaininganynewcustomers,theprogressiveshareofFielmannsalesissettorisebymorethan50%overthecomingyears.

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56 AnnualReport2017

Asadesigner,manufacturer,distributorandoptician,Fielmanncoverstheentirevaluechain.Fielmanncanofferglassesatlowerpricesthanthecompetitionbecauseweproduceourselvesandwealsobuyfrommanufacturersthatproduceforthemajorbrands.Wesavemoneybycuttingout themiddlemanandpassthesavingsontoourcustomers.

Just45%ofallglasseswearerscurrentlyuseprescriptionsunglasses.Fielmannisanticipatingfurthergrowthfromtherisingshareof fashionableprescriptionsun-glasses. New developments in contact lens technology, such as the modern andcomfortabledailiesandcustomisedlenses,arealsosettoboostgrowth.Wealsoseegreatopportunitiesinthesmartconnectionofdigitalservicesandpersonalconsultinginourstores.Wewillintegrateourwebsitesandstoresevenfurther,andcreatenewdigitalservicesforourcustomers.

Inadditiontosalesgrowthintheopticalsector,weexpectadditionalgrowthfromopeningmorehearingaidstudiosinourexistingstores.Ourlong-standingcustomersinthecorecatchmentareasalonerequiremorethan100,000hearingaidsperyear.InGermany,currentstatisticsshowthatmorethan5.4millionpeoplehaveahearingconditionrequiringtreatment(accordingtotheGermanGuildforHearingHealthcareProfessionals),butatthemomentonly3.5millionuseahearingaid.

Astechnologicalinnovationmakeshearingaidseversmaller,weanticipatethenumberofhearingaiduserstorisesignificantlyoverthecomingyears.Thecombina-tionofglassesandhearingaidsisadvantageousforourcustomersandthusimprovesloyaltytoourcompany.

FielmannisdevelopingitsstorenetworkinGermanyandpressingaheadwithitsexpansionabroad.TheneighbouringcountriesinEurope,particularlyItaly,offerusopportunitiesforsubstantialgrowthandearnings.

Main features of the internal control and risk management system in

terms of the accounting process TheManagementBoardofFielmannAktieng-esellschaftisresponsibleforthepreparationandaccuracyoftheconsolidatedandannualaccountsaswellasforthemanagementreport.Theprocessesareestablishedbytrainingandregularexchanges,standardiseddocumentationaswellasacom-puter-aidedinformationsystemforaccountingissuesandastandard,group-wideac-countingsystem.Thisalsoensurestheproperandtimelypreparationoftheaccounts.

MANAGEMENT REPORT

AnnualReport2017 57

Throughastandard,group-wideaccountingsystem,wecontrolboththeflowofgoodsaswellas theirvaluation.Toutilise thehigh levelof integrationof theSAPsystemsdeployedandthestandardisationofmanyoftheprocessesinvolved,theend-of-yearbalancingworkhasbeencentralisedintherespectivedepartments.Withtheexceptionofthreesmallcompanies,alltheindividualaccountsarepreparedinSAPandmergedfortheGroupcentrally.Thebasisforeachvoucherauditisthecontrolsystemthatmonitorsprocessanddataqualitywhichhasbeeninstalledforaccount-ingatthelevelofindividualfinancialstatementsandtheGroup.Thiscontrolsystemincludesinformationflowcharts,acontrolsystemfordailycashaccounting,inspectionandchecklistsaswellasanITsystemformonitoringtransactionsformonthly,annualandGroupstatements.

Compliancewith the documents is subject to a regular reviewby the internalauditdepartment.Theaccountingguidelinesofacentralfinancialinformationsystemapply to the individualaccountsof thecompanies included,according tonationalcommerciallaw.Anoteismadeofanyspecialfeaturesapplyingtoindividualunits.Ifanyofthecompaniesincludedpreparetheiraccountsaccordingtootheraccountingstandards, the accounting standards for commercial financial statements ll, whichareusedcentrallybyGroupAccounting,apply.Theaccountingprinciplesarealsoappliedtointerimaccountsandensurefactualandtime-relatedconsistency.

Inthelastfinancialyear,theSupervisoryBoardapprovedtheeffectivenessoftheinternalcontrolsystemandtheriskmanagementsystemaswellastheinternalreviewsystem.PleaserefertotheSupervisoryBoardreportforfurtherdetails.

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.

MANAGEMENT REPORT

58 AnnualReport2017

Outlook

FielmannisdevelopingitsstorenetworkinGermanyandpressingaheadwithitsexpansioninneighbouringcountriesatasustainablepace.InGerman-speakingareas,weareexpandingourstoresandmovingintobetter locations,equippingthemwithstate-of-the-art technology.Thesemovesandrenovationswillallowustocutwaitingtimesforourcustomersandshouldbringusdouble-digitgrowthratesforunitssoldandtotalsales.Inthemediumterm,weareplanning170movesandrenovations.

Inaddition,wewillopenupnewstores.InGermany,wewilloperateover600storesinthemediumterm,sellingmorethan7.5millionpairsofglassesperyear.InSwitzerlandweareaimingtosellmorethan550,000glassesperyearfrom45storesinthecomingyears.InAustriaweestimatethat40storeswillsell500,000glasses.InPolandweplantooperate40locationsoverthemediumtermwiththegoaltohaveapresenceinallthemajortownsandcities.Thenumberofglassessoldperyearwillamountto300,000.ThedevelopmentinItalyispleasing.Forthisreason,wearepushingourexpansion.Inthemediumterm,weplantooperate40storesinItalyandtosellmorethan500,000glasses.

Thehearingaidmarketisagrowthmarkettargetingpeoplewhoarefiftyandolder.Inthecomingyears,Fielmannwantstosignificantlyexpanditsnumberofhearingaidstudios.Weplantooperatearound250studios.

Oneofthemainreasonsforoursuccessisthatouremployeesarehighlyqualified.Asthebiggesttrainingproviderintheopticalindustry,FielmannisfundamentallyshapingGermanopticalapprenticeship.Ourvocationaltrainingiscarriedoutwithprecisionandthoroughness,includingourforeignstores.Yearonyear,Fielmanninvestsaround¤20millionintrainingandcontinuedprofessionaldevelopment.Expenditureofasimilarmagnitudeisscheduledfor2018.Since2006,Fielmannhasalmostdoubledthenumberofapprenticesfrom1,715tothecurrent3,417.

In2018,wewillalsoinvestaround¤96.0millioninexpanding,modernisingandmaintain-ingthestorenetwork,aswellasinproductionandinfrastructure.Thiswillbefinancedfromourownfunds.

Weplantoinvest¤78.4millioninGermany,¤6.5millioninItaly,¤1.8millioninAustria,¤7.6millioninSwitzerlandandlessthan¤1.0millioninPoland.Weintendtospend¤46.8milliononrenovatingexistingstoresandopeningnewones.Wefurtherplantoinvestasumofaround¤5.2milliontoincreaseproductioncapacityandafurther¤43.8millionontheGroupinfrastructure.

MANAGEMENT REPORT

AnnualReport2017 59

Fielmannwillcontinuetomaintainahighequityratioinfuture.Theexistingliquiditywillbeinvestedatlowrisk.Wewillinvestinthetrainingandcontinuedprofessionaldevelopmentofstaff.Wewillcommitfundstotheopeningofnewstoresaswellastothemodernisationofexistingstoresandourproduction.Thisway,wearecreatingasolidbasisforsustainablegrowthinthelong-term.Inthefuture,wearealsoexpectingahigherproportionofprogressiveglasses,contactlensesandhearingaidsintermsofsales.Inthemediumterm,weareanticipatingtheproportionofprogressiveglassestorisebymorethan50%.Newproductiontechnologiesforgrindinglensesintroducedatour logisticscentreinRathenowandimprovedprocessesatbothourstoresandheadquarterswillgenerateapositiveimpactonproductivityoverthenexttwoyears.

TheGermangovernmentexpectseconomicgrowthof2.4%forGermanyin2018.There is still a clear upward trend in the consumer climate. According to GfK (consumer

researchcompany),thepositiveeconomicsituation,ahighlevelofemploymentandanticipatedsalaryincreaseshaveledtoanincreaseintheconsumerclimateindextothehighestlevelsinceSeptember2001.Privateconsumptionspendingwillthereforegrowoncemorethisyear.

Inviewofthesepredictions,Fielmannisconfidentofexpandingitsmarketposition.

Summarising statement on the forecast

Fielmannthinkslong-term,isplanningtoopenmorethantennewstoresinboththecurrentyearandthefollowingyear,andintendstorenovateandexpand30existingstoreseveryyear.In2018,wewillcontinuetopursueourgrowthstrategy.Fromthecurrentperspective,ourconsistentfocusoncustomers,themeasurestakentoensurethatourstaffishighlyqualifiedandtheinvestmentsmadeinpastyearswillenableustoacquirefurthermarketsharesinthecurrentfinancialyear.Thefirstfewmonthsof2018giveusgroundsforoptimism.Weaimtomaintaincustomersatisfactionatmorethan90%.Weplantoslightlyincreasethenumberofunitssoldcomparedtothepreviousyear.Furthermore,animprovedproductmixwillalsoleadtoanexpansioninsales.In2018,thegrowthwillbeslightlyabovetheaverageofpreviousyears.Weexpectapre-taxincomeatthesamelevelasthepreviousyear.Shareholderswillbenefitfromthecompany’sgrowthintheformofanappropriatedividendpayout,withreturnonsalesandequityatlevelsthatareunusuallyhighforaretailcompany.

Asignificantchangeintheunderlyingsituationmayleadustoadjustthisforecast.

60 Annualreport2017

ANNUAL ACCOUNTS

Fielmann Aktiengesellschaft, HamburgConsolidated balance sheet as at 31. 12. 2017

Assets Ref. no. in Notes

Position as at 31.12.2017

¤ ‘000


¤ ‘000

A. Non-current fixed assets

I. Intangibleassets (1) 24,771 18,379II. Goodwill (2) 46,032 45,704III. Tangibleassets (3) 239,731 224,389IV. Investmentproperty (3) 16,089 16,404V. Financialassets (4) 2,706 1,313VI. Deferredtaxassets (5) 12,686 9,224VII. Otherfinancialassets (6) 57,822 87,000

399,837 402,413

B. Current assets

I. Inventories (7) 128,673 128,136II. Tradedebtors (8) 31,158 26,733III. Otherfinancialassets (8) 51,810 46,416IV. Non-financialassets (9) 13,924 20,314V. Taxassets (10) 10,748 9,725VI. Financialassets (11) 117,399 165,765VII. Cashandcashequivalents (12) 172,131 114,032

525,843 511,121

925,680 913,534

Annualreport2017 61

ANNUAL ACCOUNTS

Equity and liabilities Ref. no. in Notes


¤ ‘000


¤ ‘000

A. Equity I. Subscribedcapital (13) 84,000 84,000II. Capitalreserves (14) 92,652 92,652III. Profitreserves (15) 362,763 358,167IV. Balancesheetprofit (16) 155,400 151,200V. Non-controllinginterests (17) 195 246

695,010 686,265

B. Non-current liabilities

I. Accruals (18) 23,776 23,325II. Financialliabilities (19) 1,858 1,605III. Deferredtaxliabilities (20) 9,463 8,430

35,097 33,360

C. Current liabilities

I. Accruals (21) 42,828 41,495II. Financialliabilities (22) 151 166III. Tradecreditors (22) 63,820 63,035IV. Otherfinancialliabilities (22) 25,276 20,426V. Non-financialliabilities (23) 50,090 50,730VI. Incometaxliabilities (24) 13,408 18,057

195,573 193,909

925,680 913,534

62 Annualreport2017

ANNUAL ACCOUNTS

Fielmann Aktiengesellschaft, HamburgConsolidated profit and loss statement and other resultfor the period from 1.1. to 31.12.2017

Ref. no. in Notes

2017 ¤ ‘000

2016 ¤ ‘000

Change from pre-

vious year

1. Consolidatedsales (27) 1,385,974 1,337,179 3.6%2. Changesininventories (27) 355 –707 –150.2%

Total consolidated sales 1,386,329 1,336,472 3.7%

3. Otheroperatingincome (28) 14,188 15,611 –9.1%4. Costofmaterials (29) –277,205 –279,796 –0.9%5. Personnelcosts (30) –568,733 –539,855 5.3%6. Depreciation (31) –42,272 –39,992 5.7%7. Otheroperatingexpenses (32) –263,259 –250,859 4.9%8. Expensesinthefinancialresult (33) –1,618 –1,796 –9.9%9. Incomeinthefinancialresult (33) 1,213 1,693 –28.4%

10. Result before taxes 248,643 241,478 3.0%

11. Taxesonincomeandearnings (34) –75,790 –70,260 7.9%12. Consolidated net income (35) 172,853 171,218 1.0%

13. Incomeattributabletoothershareholders (36) –5,226 –4,910 6.4%14. Profits to be allocated to parent company

shareholders 167,627 166,308 0.8%

15. Consolidatedrevenuesbroughtforward 88 51 72.5%16. Transferstootherprofitreserves (38) –12,315 –15,159 –18.8%17. Balance sheet profit 155,400 151,200 2.8%

Earnings per share in ¤ (diluted/basic)1

(35) 2.00 1.98

1Noeventsoccurredinthereportingyearorthepreviousyearwhichwouldresultinadilutionofearningspershare.

Annualreport2017 63

ANNUAL ACCOUNTS

Statement of the Overall ResultNote(40)

2017

¤ ‘000 2016

¤ ‘000

Net profit for the year 172,853 171,218

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

Earningsfromforeignexchangeconversion,reportedunderequity –4,386 –250

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

ValuationofemployeebenefitsinaccordancewithIAS19 25 –504

Other profit/loss after tax –4,361 –754

Overall result 168,492 170,464

ofwhichattributabletominorityinterests 5,226 4,910ofwhichattributabletoparentcompanyshareholders 163,266 165,554

64 Annualreport2017

ANNUAL ACCOUNTS

Movement in Group Equity Note Note(41)

Subscribedcapital

¤ ‘000

Capital reserves

¤ ‘000

Currency translation

reserves

¤ ‘000

Valuation reserves

IAS 19

¤ ‘000

Reserves for own

shares

¤ ‘000

Position as at 1 January 2017 84,000 92,652 21,189 –2,269 –357

Consolidatednetincome

Transferstoprofitreserves

Otherprofit –4,386 25

Overall result –4,386 25

Dividends/profitshares1

Share-basedremuneration

Ownshares 137

Acquisitionofnon-controllinginterests

Position as at 31 December 2017 84,000 92,652 16,803 –2,244 –220

Subscribedcapital

¤ ‘000

Capital reserves

¤ ‘000

Currencytranslation

reserves

¤ ‘000

Valuation reserves

IAS 19

¤ ‘000

Reserves for own

shares

¤ ‘000

Position as at 1 January 2016 84,000 92,652 21,439 –1,765 –251

Consolidatednetincome

Transferstoprofitreserves

Otherprofit –250 –504

Overall result –250 –504

Dividends/profitshares1

Share-basedremuneration

Ownshares –106

Withdrawals/deposits

Position as at 31 December 2016 84,000 92,652 21,189 –2,269 –357

1Dividendpaidandshareofprofitallocatedtoothershareholders

Annualreport2017 65

ANNUAL ACCOUNTS

Reserves for share-based

remuneration

¤ ‘000

Profit reserves

¤ ‘000

Profit reserves

and other reserves

¤ ‘000

Balance sheet profit

¤ ‘000

Attributable to parent company

shareholders ¤ ‘000

Non-control-ling interests

¤ ‘000

Equity

¤ ‘000

2,172 337,432 358,167 151,200 686,019 246 686,265

167,627 167,627 5,226 172,853

12,315 12,315 –12,315 0 0

–4,361 –4,361 –4,361

12,315 7,954 155,312 163,266 5,226 168,492

–151,112 –151,112 –5,277 –156,389

193 193 193 193

137 137 137

–3,688 –3,688 –3,688 –3,688

2,365 346,059 362,763 155,400 694,815 195 695,010

Reserves for share-based

remuneration

¤ ‘000

Profit reserves

¤ ‘000

Profit reserves

and other reserves

¤ ‘000

Balance sheet profit

¤ ‘000

Attributable to parent company

shareholders ¤ ‘000

Non-control-ling interests

¤ ‘000

Equity

¤ ‘000

2,207 322,273 343,903 147,000 667,555 238 667,793

166,308 166,308 4,910 171,218

15,159 15,159 –15,159 0 0

–754 –754 –754

15,159 14,405 151,149 165,554 4,910 170,464

–146,949 –146,949 –4,714 –151,663

–35 –35 –35 –35

–106 –106 –106

0 –188 –188

2,172 337,432 358,167 151,200 686,019 246 686,265

66 Annualreport2017

ANNUAL ACCOUNTS

Cash flow statement for the Fielmann Group Note(42)

Cash flow statement according to IAS 7

for the period from 1.1. to 31.12.2017

¤ ‘0002016

¤ ‘000Change ¤ ‘000

Earningsbeforetaxes(EBT) 248,643 241,478 7,165

+ Statement-relatedexpenditureinthefinalresult 1,618 1,796 –178

– Statement-relatedincomeinthefinalresult –1,213 –1,693 480

+ Write-downsontangibleassetsandintangibleassets 42,272 39,992 2,280

– Write-upsontangibleassetsandintangibleassets –400 –400

– Taxesonincomepaid –81,773 –63,798 –17,975

+/– Othernon-cashincome/expenditure 3,537 2,179 1,358

+/– Increase/decreaseinaccruals 1,784 –1,687 3,471

–/+ Profit/lossondisposaloftangibleassetsandintangibleassets 278 221 57

–/+ Increase/decreaseininventories,tradedebtorsandotherassetsnotattributa-bletoinvestmentorfinancialoperations 3,326 –3,353 6,679

+/– Increase/decreaseintradecreditorsandotherliabilitiesnotattributable 3,803 936 2,867

– toinvestmentorfinancialoperations –1,281 –1,284 3

+ Interestpaid 1,140 1,468 –328

–/+ Increase/decreaseinfinancialassetsheldfortrading 65,407 2,902 62,505

= Cash flow from operating activities 287,141 219,157 67,984

Receiptsfromthedisposaloftangibleassets 404 370 34

– Paymentsfortangibleassets –54,413 –37,836 –16,577

– Paymentsforintangibleassets –11,784 –10,857 –927

+ Receiptsfromthedisposaloffinancialassets 362 201 161

– Paymentsforfinancialassets –1,755 –850 –905

– Paymentsforinvestmentproperty –1 –26 25

– Paymentsfortheacquisitionofsubsidiaries –2,152 0 –2,152

= Cash flow from investment activities –69,339 –48,998 –20,341

Paymentstocompanyownersandnon-controllingshareholders –156,389 –151,663 –4,726

+/– Sale/Acquisitionofownshares 137 –106 243

+ Receiptsfromloansraised 864 732 132

– Repaymentofloans –626 –617 –9

– Paymentsfortheacquisitionofadditionalsharesinsubsidiaries –3,688 0 –3,688

= Cash flow from financing activities –159,702 –151,654 –8,048

Payment-affectingchangesincashandequivalents 58,100 18,505 39,595

+/– Changesincashandequivalentsduetoexchangerates –1 –122 121

+ Cashandequivalentsatthebeginningoftheperiod 114,032 95,649 18,383

= Cash and equivalents at the end of the period 172,131 114,032 58,099

Annualreport2017 67

ANNUAL ACCOUNTS

Segment reporting for the Fielmann Group (FormspartoftheNotestotheaccounts),Note(43),previousyear’sfiguresinbrackets

Segments by region

in ¤ million Germany Switzerland Austria Other Consoli-dation

Consolidated value

Salesrevenuesfromthesegment 1,163.9 (1,108.3) 171.6 (170.6) 81.7 (79.1) 39.4 (32.9) –70.6 (–53.7) 1,386.0 (1,337.2)

Salesrevenuesfromothersegments 70.2 (53.3) 0.4 (0.4)

Outside sales revenues 1,093.7 (1,055.0) 171.6 (170.6) 81.3 (78.7) 39.4 (32.9) 1,386.0 (1,337.2)

Costofmaterials 277.4 (267.1) 33.7 (34.3) 18.6 (18.2) 11.5 (9.8) –64.0 (–49.6) 277.2 (279.8)

Personnelcosts 456.5 (433.1) 68.4 (67.9) 29.6 (28.2) 14.2 (10.7) 568.7 (539.9)

Scheduleddepreciation 35.0 (33.1) 4.1 (4.2) 1.7 (1.6) 1.7 (1.1) –0.2 42.3 (40.0)

Expensesinthefinancialresult 1.6 (1.9) 0.1 (0.1) 0.4 (0.1) –0.5 (–0.3) 1.6 (1.8)

Incomeinthefinancialresult 1.3 (1.6) 0.4 (0.4) –0.5 (–0.3) 1.2 (1.7)

Earnings before tax – in the segments excl. income from participations 207.3 (192.2) 29.5 (32.6) 15.2 (16.0) –3.9 (0.5) 0.6 (0.2) 248.7 (241.5)

Taxesonincomeandearnings 68.3 (60.3) 6.0 (6.5) 2.7 (3.0) –1.2 (0.8) 0.0 (–0.3) 75.8 (70.3)

Net profit for the year 139.0 (131.9) 23.5 (26.1) 12.5 (13.0) –2.7 (–0.3) 0.6 (0.5) 172.9 (171.2)

Non-currentsegmentassetsexcludingfinancialinstrumentsanddeferredtaxassets 274.7 (260.0) 28.7 (28.6) 6.4 (7.5) 16.8 (8.8)

326.6 (304.9)

Investments 51.9 (39.5) 6.4 (4.4) 0.5 (2.9) 10.0 (2.8) 68.8 (49.6)

Deferredtaxassets 10.3 (8.6) 0.3 (0.3) 2.1 (0.3) 12.7 (9.2)

68 Annualreport2017

NOTES

I. General Information

FielmannAktiengesellschaft,whichhasitsheadquartersatWeidestraße118a,Ham-burg,Germany,istheGroup’sparentcompany.ItisregisteredunderHRB56098inthecommercialregisteroftheHamburgLocalCourt.

TheparentcompanyofFielmannAktiengesellschaftisKORVASE.TheGroup’sulti-mateparentcompanyisFielmannINTER-OPTIKGmbH&Co.KG.FielmannAktienge-sellschaftisinvolvedintheoperationofandinvestmentinopticalbusinesses,hearingaidcompaniesandthemanufactureandsaleofvisualaidsandotheropticalproducts,inparticular,glasses,framesandlenses,sunglasses,contactlenses,relatedarticlesandaccessories,merchandiseofallkindsandhearingaidsandtheiraccessories.ItslensmanufacturingactivitiesareencompassedinitssubsidiaryRathenowerOptikGmbH.

The Management Board of Fielmann Aktiengesellschaft approved the consoli-datedaccountsasat31December2017on16March2018andwillsubmitthemtotheSupervisoryBoardforadoptionon22March2018.Theconsolidatedaccountswill be approved at the accounts meeting of the Supervisory Board on 12 April2018,andinthisrespectthereisapossibilitythattheconsolidatedaccountsmaybeamendeduptothisdate.

The consolidated accounts of Fielmann Aktiengesellschaft and its subsidiarieshavebeenpreparedinaccordancewiththeInternationalFinancialReportingStand-ards(IFRSincludingInternationalAccountingStandards(IAS))validforthereportingperiod,statementsof the IFRS InterpretationsCommittee (IFRS IC; formerly Interna-tionalFinancialReportingInterpretationsCommittee(IFRIC))andtheformerStandingInterpretationsCommittee(SIC)whenevertheywereapplicablewithintheEuropeanUnion(EU)andwhentheywere tobeappliedonamandatoryorvoluntarybasisinthereportingyear.Furthermore,theprovisionsundercommerciallawpursuanttoSection315ePara1oftheGermanCommercialCode(HGB)werealsoobserved.

Fielmann Aktiengesellschaft, HamburgNotes to the consolidated accounts for financial year 2017

Annualreport201769

NOTES

II. Application of new and amended standards

New and amended standards and interpretations applied for the first

time in the financial reporting year

Reference Name

Obligation for first-time appli-cation in accor-

dance with IASB

Obligation for first-time

application in the EU

AnnualImprove-mentsProject

AnnualImprovementstoIFRSe2014-2016CycleAmendmentstoIFRS12

1.1.2017 1.1.2017

AmendmentstoIAS7

Disclosureinitiative–transferofdebtsfromFinancingActivities

1.1.2017 1.1.2017

AmendmentstoIAS12

DeferredTax:RecoveryofUnderly-ingAssets

1.1.2017 1.1.2017

Theapplicationof thesechangeshasnosignificant impacton thedisclosuresandamountsreportedintheconsolidatedaccountsofourcompany.

70 Annualreport2017

NOTES

New and amended standards and interpretations which are not yet

subject to mandatory application

ThefollowingnewandamendedstandardshavealreadybeenpassedbytheIASB,buttheirapplicationisnotyetmandatory.Fielmannhasnotappliedtheprovisionsofthesestandardsprematurely.

Reference Name

Obligation for first-time applica-tion in accordance

with IASB

Obligation for first-time

application in the EU

AnnualImprovementsProject AnnualImprovementstoIFRSe2014-2016CycleAmendmentstoIFRS1andIAS28

1.1.2018 Outstanding

AnnualImprovementsProject AnnualImprovementstoIFRSe2015-2017CycleAmendmentstoIAS12,IAS23,IFRS12,IFRS23


AmendmentstoIAS19 Planamendment,curtailmentorsettlement 1.1.2019 Outstanding

AmendmentstoIAS28 Long-terminterestsinassociatesandjointventures 1.1.2019 Outstanding

AmendmentstoIAS40 Transfersofpropertieskeptasfinancialinvestments 1.1.2018 Outstanding

AmendmentstoIFRS2 Classificationandassessmentofshare-basedrem-uneration

1.1.2018 1.1.2018

AmendmentstoIFRS4 ApplicationofIFRS“FinancialInstruments”incon-nectionwithinsurancecontracts(isreplacedbyIFRS17)

1.1.2018 1.1.2018

IFRS9 FinancialInstruments 1.1.2018 1.1.2018

AmendmentstoIFRS9 Prepaymentfeatureswithnegativecompensation 1.1.2019 Outstanding

IFRS14 RegulatoryDeferralAccounts 1.1.2016 Adoptionhasnotbeenproposed

IFRS15 RevenuefromContractswithCustomers 1.1.2018 1.1.2018

AmendmentstoIFRS15 ClarificationstoIFRS15 1.1.2018 1.1.2018

IFRS16 Leases 1.1.2019 1.1.2019

IFRS17 Insurancecontracts(replacesinterimstandardIFRS4)


IFRIC22 Transactionsinforeigncurrenciesandtrade-offspaidinadvance


IFRIC23 Uncertaintyoverincometaxtreatments 1.1.2019 Outstanding

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

Annualreport201771

NOTES

Basedonthefinancialinstrumentsheldasat31December2017,thereisnochangetothemeasurementagainstIAS39aspartoftheclassificationpursuanttoIFRS9.Inaddition, thereareno significant changeswith regard to impairmentunder theexpectedlossmodelaccordingtoIFRS9.Ingeneral,itwillbenecessarytoexpandontheNotesdisclosuresforfinancialinstruments.

IFRS 15 “Revenue from Contracts with Customers“ IFRS15specifiesthedateatwhichortheperiodoverwhichandtheamountofrevenuewhichmustberecognised.Infuture,theamountthatisexpectedinreturnforthetransferofgoodsandservicestocustomersmustberecognisedasrevenue.Withregardtodetermin-ingthedateor theperiod, thetransitionofcontrolof thegoodsorservices to thecustomerisnowcriticalandnotthetransferofrisksandopportunities.BesidesmoreextensiveNotesdisclosuresonthesalesrevenuesfromcontractswithcustomers,thereisnoimpactfromthefirst-timeapplicationofIFRS15onthepresentationoftheassets,financialpositionorearnings.

IFRS 16 “Leasing“ Thisnewstandard replaces theexisting requirementsof IAS17“Leasing”andtheassociatedinterpretationsofIFRIC4“DeterminingWhetheranArrangementContainsaLease”,SIC15“OperatingLeases: Incentives”andSIC27“Evaluating theSubstanceofTransactions Involving theLegalFormofaLease”.Thenewstandardsetsouttheprinciplesfortherecognition,measurementanddisclosureofleasesintheNotes.Infuture,allcontractualrightsandobligationsassociatedwithleasesaretobedisclosedinthebalancesheetofthelessee.Acompanyalsorecognisesafinancial liabilityrepresentingitsobligationtomakefuture leasepayments.At thesametime,therightsofusufructtotheunderlyingassetiscapitalised,whichisequivalenttothepresentvalueoffutureleasepaymentsinadditiontodirectlyrelatedcost.Overthetermoftheleasecontract,leaseliabilitiesareremeasuredforrecognition,whiletherightsofusufructtotheleaseassetaresubjecttoscheduleddepreciationonastraight-linebasis.Thereareexemptionsintheaccountingforshort-termleasesandleasesoflow-valueassets.TheapproachofIFRS16tolessoraccountingisessentiallyunchangedfromthestipulationsofIAS17.Incontrasttotherecognitionforthelessee,adistinctionismaintainedbetweenfinanceandoperatingleaseagreementsforthelessor.Inaddi-tiontochangesintheaccounting,IFRS16enhancesdisclosureobligationsforboththelessorandthelessee.IFRS16istobeappliedforthefinancialyearsthatbeginonorafter1January2019.AprematureuseispermittedifIFRS15isalreadybeingused.FielmannAktiengesellschaftwillfirstapplyIFRS16forthefinancialyearbeginningon1January2019.Probablythemodifiedretrospectiveapproachwillbeused.Withthismethod,thecumulativeeffectfromthefirst-timeapplicationwillberecordedin

72 Annualreport2017

NOTES

equityasaone-offadjustmentintheopeningbalancesheetasat1January2019.IFRS16willhaveasignificantimpactonthepresentationofassets,financialpositionandearningsaswellasonthescopeofthedisclosuresrequiredintheNotes.Ananalysisundertakenhasfoundthatthebalancesheettotalisexpectedtorisebyanamountbetween¤360millionand¤410million.

Theothernewandamendedstandardsandinterpretationsoutlinedabovearenot presented in greater detail as the impact of these on the presentation of theassets,financialpositionandearningsoftheGroupisonlyexpectedtobeofminorimportance.

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,tovariablereturnsfromtheirinvolvementwiththeinvesteeandhastheabilitytoaffectthosereturnsthroughitspowerovertheinvestee.Fielmann Aktiengesellschaft also exercises control within the meaning of IFRS 10over24Germanfranchisecompanies(previousyear:29).Thiscontrolresultsfromtheinteractionoflegal,franchisingandeconomicinfluences.Thestipulationsofthefranchiseagreementregardingtheshoplocality,range,inventory,advertising,aswellasotheraspects,definetheframeworkofbusinesspolicywithinthecontextofFiel-mannAktiengesellschaft.The25storesintheBalticStatesthatareoperatedthroughfranchisesarenotwithinthescopeofconsolidation,asthecontractualagreementsdonotleadtoacontrolofthecompany(previousyear:24).

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

Asat31December2017,eightcompanieswereconsolidatedforthefirsttime(previousyear:four).Theseincludedfournewlyestablisheddistributioncompaniesin

Annualreport201773

NOTES

Germanyandtheacquisitionofthreetraditionalopticalbusinesses.Anothercompanywasacquiredwhichisactiveinproductdevelopmentanddesignintheopticalsector.

Aspartofthestatedcompanyacquisitions(acquisitioncostsofT¤2,202,uptoT¤50paidwithcash),differenceswerebalancedasgoodwilltotheamountofT¤866inaccordancewiththepurchasepriceallocationasperIFRS3.Therewerenoseparatelyapplicableintangibleassetswithasignificantvalue.EquityworthT¤915wasincludedinthecapitalconsolidation.Thevalueofthegoodwillwasshownbyimpairmenttestsinlinewiththeprinciplessetoutbelow.

Inviewoftheeconomicimportanceofthestoresopenedandtheacquiredopticalbusinessesaspartofthenormalexpansionproceduresduringthereportingyear,noseparatedescriptionisincludedofthechangestothescopeofconsolidationarisingfromthis.Inthecurrentfinancialyear,therehavebeennorelevantchangestotheownershipstructuresofcompaniesalreadyincludedinthescopeofconsolidationinthepreviousyear.Aspartofongoingeffortstooptimisethestorenetwork,nostoreswereclosedinthereportingperiod(previousyear:none).

Principles of consolidation

Theconsolidatedaccountsarederivedfromtheindividualaccountsofthecompaniesinvolved.Themanagementaccountsofthecompaniessubjecttomandatoryauditingwereauditedasat31December2017andpassedwithunqualifiedcertification.The accounts as at 31 December 2017 of the other companies were analysedtoascertainwhethertheywereinaccordancewiththeprinciplesofproperaccountingandwhethertherelevantstatuteshavebeencompliedwithforinclusioninthecon-solidatedbalancesheet.

TheannualaccountsofsubsidiariesareadjustedwherenecessarytobringthemintolinewiththeaccountingandvaluationmethodsappliedwithintheGroup.

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

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

capitalseparatelyfromtheGroup’sequity.Capitalconsolidationiscarriedoutbysettingofftheacquisitioncostsagainstthe

prorataequitycapitalofthesubsidiariesatcurrentvalues.Non-controllinginterests’sharesofthenetassetsofcompaniesincludedintheGrouparevaluedonacquisitionatthecorrespondingshareofthereportedamounts.Non-controllinginterestsinthe

74 Annualreport2017

NOTES

Group’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.

Theimpairmenttestforgoodwilliscarriedoutregularlyon31Decemberofeachfinancial year. The CGUs were determined according to the internal ManagementReporting. As no stock market quotation ormarket prices were available for theseCGUs,thetesthasbeenexclusivelycarriedoutbycomparingthebookvalueagainstthevalueinuse(recoverableamount).Thecashflowsunderlyingthevalueinuseresultfromoneyear’sdetailedprojectionandasubsequenttwoyears’projection,whichinturnisderivedfromthecumulativeGroupplanning,andthereafterfromaperpetuityvaluebasedonthethirdplanningyear.Thegrowthratesresultingfromthisplanningamountto4.7%forthefirstyearand4.6%forthesecondyear(previously:3.2%and3.1%).Agrowthrateof0.5%wasassumedfromthe thirdyear(previousyear:0.5%).Thepre-taxcapitalisationrateamountedto5.8%(previousyear:5.3%).WithintheGroup,theprojectionsareusuallybasedonfigurestakenfrompreviousbusinessdevelopment.Currentexternaldataarealso included in theanalysisprocessonaccountof thesefiguresinrelationtolocation.

Foreign exchange conversion

The functionalcurrencyconcept isapplied toaccountsofconsolidatedcompaniesthatareprepared in foreigncurrencies.The foreigncompaniesoperate theirbusi-nessindependently.Thereforethefunctionalcurrencyisthenationalcurrencyoftherespectivecountry.Individualtransactionsarerecordedattherateprevailingonthebalancesheetdate.Anyforeignexchangedifferencesfromtheequalisationofopenitemsarepostedintheprofitandlossaccount.Annualaccountsreceivedfromforeign

Annualreport201775

NOTES

companiesareadaptedtocomplywiththeaccountingformatandvaluationprinciplesoftheFielmannGroup.InlinewithIAS21,balancesheetfiguresareconvertedtoeurosonthebalancesheetdate.Theprofitandlossaccountsareconvertedtoeurosattheaverageannualrate.Anyforeignexchangedifferencesarepostedtoaseparateforeignexchangeequalisationitemincludedunderprofitreserves.

Therewerethefollowingchangestotheforeigncurrenciesofrelevancetocon-vertingsubsidiaries’accountsandtotheGroup’sprocurement:

Balance sheet rate 31.12.2017

1 ¤ =

Balance sheet rate 31.12.2016

1 ¤ =

Average rate 2017

1 ¤ =

Average rate 2016

1 ¤ =

Japaneseyen(JPY) 135.01 123.40 126.71 120.20

Polishzloty(PLN) 4.17 4.42 4.26 4.36

Swissfranc(CHF) 1.17 1.08 1.11 1.09

Ukrainianhryvnia(UAH) 33.50 28.42 30.05 28.32

USdollar(USD) 1.20 1.05 1.13 1.11

Belarussianrouble(BYN) 2.36 2.05 2.19 2.20

ChangesintheUSdollarandJapaneseyenareofrelevancetotheFielmannGroupastheyaffectrecurringpurchasecontractsforframes.Inthefinancialyear,thepurchaseofgoodsinUSdollaramountedto¤33.5million(previousyear:¤32.0million)andinJapaneseyento¤1.6million(previousyear:¤1.6million).Thepreviousyear’saverageexchangerateisappliedtothepurchasesforcomparativepurposestodemonstratetheeffectofthechangeinexchangerates.Thedevelop-mentoftheUSdollarhadapositiveeffectonthepurchaseofgoodsamountingtoaround¤0.7million;positive(previousyear:¤0.1million;negative).Thedevelop-mentoftheJapaneseyenhadaneglibleimpactonthepurchaseofthesegoodsinthereportingyear(previousyear:negativeimpactof¤0.1million).

TheGroup’s sales inSwiss francs totalledCHF190.7million (previousyear:CHF185.9million).ThenegativeimpactofchangesintheSwisscurrencyonsalesamountsto¤3.3millionwhenconsideringthepreviousyear’saveragerateasacomparativevalue(previousyear:¤3.5million;negative).

76 Annualreport2017

NOTES

Individual balance sheet items

PreparationoftheconsolidatedaccountsaccordingtoIFRSnecessitatesestimatesandassumptionsbeingmadeinordertoaccountforandvalueassetsandliabili-ties. These are continually verified. In particular, assumptions and estimates aremadeinconnectionwiththevaluationofgoodwill(Note(2)),accruals(Note(18);Note(21))andtax-relatedissues(Note(5);Note(20)).ThemainassumptionsandparametersonwhichtheestimatesarebasedaredescribedinthefollowingNotestotheaccounts.

Intangible assets and tangible assets (A. I., III.) Intangibleassetsandtangi-bleassetsarevaluedandextrapolatedatacquisitionorproductioncostlessstraight-linescheduleddepreciation.Whensoftwareisdevelopedin-house,Groupcompaniesareregardedasthemanufacturers.TheassociatedcostsarecapitalisedatproductioncostinaccordancewithIAS38.

Inthecaseofproductionpremises,aservicelifeofupto25yearsisapplied.ThecastleinPlön(PlönCastle)isdepreciatedover55years,whileotherbusinesspremisesaredepreciatedoveramaximumof50years.Tenants’fittingsaredepreciatedonastraight-linebasis,takingintoaccountthetermofthetenancy(normallyseventotenyears).Factoryandofficeequipment isdepreciatedover two to thirteenyears(machineryandequipmentgenerallyoverfiveyearsandITequipmentoverthreetofiveyears).Theservicelifeisreviewedregularlyandadjustedwherenecessarytoanti-cipatedlife.Whereappropriate,extraordinarydepreciationisappliedinaccordancewithIAS36,andthenreversedwhentheoriginalreasonsforitnolongerapply.TherearenoborrowingcostswherecapitalisationisrequiredinaccordancewithIAS23.

Anypublicsubsidiesaredeductedfromtheacquisitioncostsandrecognisedatthedateofacquisition.Inthefinancialyearandinthepreviousyear,noallowancesweregranted.

Investment properties (A.IV.) PropertieswhicharenotusedintheGroup’scorebusiness(investmentpropertiesunderthetermsofIAS40)arealsovaluedatamortisedcostinaccordancewiththeprinciplesspecifiedabove.Theyaresubjecttoextraordi-narydepreciationif therealisableamount(valueinuse)fallsbelowthebookvalue.Extraordinarydepreciation is reportedunder the item“depreciation”.As inpreviousyears,agrossrentalmethod(hierarchyLevel3inaccordancewithIFRS13)usingarentalincomefactordeducedfrommarketobservationsof15annualnetrentalsisusedtoreachthisvaluation.ThecurrentvalueofthesepropertiesisshownintheNotestotheaccounts.Revaluationsarecarriedoutiftherealisableamount(valueinuse)resulting

Annualreport201777

NOTES

fromalong-termimprovementintheleasingsituationexceedsthebookvalue.Theserevaluationsarereportedin“otheroperatingincome”.

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

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

Securities,participatinginterestsandotherinvestmentsareaccountedforinaccor-dance with IAS 39. Current securities in the “Financial Assets Held for Trading”categoryaregenerallyaccountedforatmarketvalues.Ifnostockmarketpricesareavailable,marketvaluationsbybanksareused.Financialinvestmentsnotcategorisedasheldfortradingpurposesaredesignatedasat“FairValuethroughProfitorLoss”whenrecognisedforthefirsttimeifsuchclassificationsignificantlyreducesaccountingmismatches.Additionsanddisposalsarereportedattheirrespectivevalueonthedatethetransactioniscompleted.

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

Ifthemarketvaluedoesnotmatchtheamortisedcost,thefollowinghierarchyisusedtodeterminethemarketvalueoffinancialinstruments:

Level1:TheinputparametersforLevel1arequotedprices(unadjusted)inactivemarketsforidenticalassetsorliabilitiesthattheentitycanaccessatthemeasure-mentdate.Level2: The input parameters for Level2 are inputs other thanquotedpricesincludedinLevel1thatareobservablefortheassetorliability,eitherdirectlyorindirectly,derivedprincipallyfromorcorroboratedbyobservablemarketdata.Level3:TheinputparametersforLevel3areunobservableinputsfortheassetorliability.

78 Annualreport2017

NOTES

The financial instruments in the “investment management custodial accounts”,“funds”andashareof“otherreceivables”classesmeasuredatmarketvalueintheGroupfallwithinLevel1ofthehierarchy.Inventories (B. I.) Rawmaterials,suppliesandmerchandisearevaluedatacqui-sitioncost.Whennecessary,theyarereducedbymeansofvalueadjustmentstothelowernetsalesproceeds.Theyareextrapolatedbytheescalatingaveragemethod.FinishedandunfinishedproductsarevaluedatproductioncostinaccordancewithIAS2.Thisincludesproduction-relatedoverheads.Giventheshortproductionprocess,interestisnotrecognised.

Receivables (A. VII., VIII. und B. II., III., IV., V.) Tradereceivablesandotherreceivables(financialandnon-financial)arestatedatnominalvaluelessanyvalueadjustmentsobviouslyrequired. In individualcases,otherfinancialreceivablesarerecognisedatmarketvaluetoensurebetterrepresentationoftheGroup’sassetsitua-tion.Inthereportingyear,thisreferstocashadvancesdesignatedtocoverinsurance-relatedaccrualsanddeferralsforunearnedpremiumstotheinsureroftheZero-CostInsurancepolicy.Theseadvancesareinvestedbytheinsurerascapitalinvestments.Thenetearnings(profitsandlosses)fromthecapitalinvestmentsareexclusivelyforFielmann.Forat-riskreceivables,thedegreeofcertaintyofthedefaultriskisthekeycriterionfordecidingwhethertooptforavalueadjustmentorretirement.Receivablesareretiredwhentheyarefinallylostorwhenpursuitoftheclaimisfutile,thusmakingnoeconomicsense(e.g.minorsums).

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

Deferred taxes (assets A. VI. and liabilities B. III.) DeferredtaxassetsaretheresultofdifferingentriesintheIFRSandtaxaccountsofGroupcompaniesandconsolidationmeasures,wheresuchdifferencesarebalancedoutagainovertime.Thesealsoincludeoutsidebasisdifferences,asdefinedinIAS12,whichresultfromthe

Annualreport201779

NOTES

differencebetweentheproratanetassetsofasubsidiaryrecordedintheconsolidatedbalancesheetandtheinvestmentbookvalueofthissubsidiaryintheparentcompany’staxbalancesheet.Ataxdeferralismadeforoutsidebasisdifferences,ifrealisationisexpectedwithin12months. Inaddition, taxdeferralsaremade,particularly forlosscarry-forwardsincompliancewithIAS12.Thetaxratesthatareexpectedtobeapplicablewhentheassetisrealisedortheliabilityismetareusedasabasisforcalculatingdeferredtaxassetsanddeferredtaxliabilities.

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

Deferredtaxassetsanddeferredtaxliabilitiesarenettediftheyrelatetoincometaxgroupsor individualcompaniesandmaturity-matched inaccordancewith IAS12.71ff.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.

80 Annualreport2017

NOTES

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

Contingent liabilities Contingentliabilitiesarepossibleobligationsinrespectofotherpartiesorcurrentobligationsinwhichanoutflowofresourcesisimprobableorcannotbereliablydetermined.Contingentliabilitiesareinprinciplenotstatedonthebalancesheet.

Leasing Astheownerofproperty,FielmannAktiengesellschaftfunctionsaslessorinoperatingleases.ThesearenotpartoftheGroup’scorebusiness.

TheGroup isa lessee solely inoperating leases. Fielmannuses leases to rentbusinesspremisesandvehicles.Inafewcases,Fielmannalsoleasestechnicaldevices.

Revenue realisation Fielmann primarily generates revenues through its retailbusiness. Revenue is realised at the time when finished products are delivered tothecustomer.TheGroupalsogeneratessmallquantitiesofrevenuefromwholesalebusinessintheGermanysegment.Theincomefromsalesalsoincludeearningsfromprocessing insurancecases from theZero-Cost Insurancepolicy.ForFielmann, theextentofobligationarisinghereisintheprovisionofapairofcorrectionglasses.Forthisreason,Fielmannrealisesrevenuethatcorrespondstothatfromtheretailbusiness.

Furthermore,Fielmannrecords revenue from the insurance-related income fromtheZero-CostInsurancepolicyunderincomefromsales.ThisrevenueisrecordedifitislikelythattheeconomicbenefitwillpasstotheGroupandtheamountcanbedeterminedreliably.

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

Annualreport201781

NOTES

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

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

82 Annualreport2017

NOTES

IV. Notes to the

consolidated accounts

Assets Changes in consolidated fixed assets as at 31. 12. 2017

Acquisition and production costs Accumulated depreciation Residual book values

Position as at

1.1.2017¤ ‘000

Foreign exchange

conversion¤ ‘000

Additions

¤ ’000

Disposals

¤ ’000

Book transfer

¤ ’000

Position as at

31.12.2017 ¤ ’000

Position as at

1.1.2017¤ ‘000

Foreign exchange

conversion ¤ ‘000

Additions

¤ ‘000

Disposals

¤ ‘000

Book transfer

¤ ‘000

Write-up

¤ ‘000

Position as at

31.12.2017 ¤ ‘000

Position as at

31.12.2017 ¤ ‘000

Position as at

31.12.2016 ¤ ‘000

I. Intangible assets

1. Rightsofusufruct 16,032 –419 3,794 66 19,473 12,696 –350 1,048 13,394 6,079 3,336

2. Licences,commercialtrademarksandassociatedrights 29,101 –26 4,187 102 32 33,192 24,452 –22 1,936 101 26,265 6,927 4,649

3. Intangibleassetsproducedin-house 10,624 1,063 11,687 1,129 2,338 3,467 8,220 9,495

4. Incompletesoftwareprojects 899 2,738 –92 3,545 0 3,545 899

56,656 –445 11,782 102 6 67,897 38,277 –372 5,322 101 0 0 43,126 24,771 18,379

II. Goodwill 140,010 –4,789 866 192 0 135,895 94,306 –4,251 0 192 0 0 89,863 46,032 45,704

III. Tangible assets1. Propertyandsimilarrightsand

buildings,includingbuildingsonthird-partyland 125,086 –634 6,280 10 –116 130,606 37,149 –317 2,528 10 –127 260 38,963 91,643 87,937

2. Tenants’fittings 211,191 –2,212 17,987 5,265 1,057 222,758 146,136 –1,444 11,754 4,992 151,454 71,304 65,055

3. Factoryandofficeequipment 316,598 –3,148 27,603 14,029 –396 326,628 246,077 –2,711 22,172 13,002 252,536 74,092 70,521

4. Assetsunderconstruction 876 –9 2,543 –718 2,692 0 2,692 876

653,751 –6,003 54,413 19,304 –173 682,684 429,362 –4,472 36,454 18,004 –127 260 442,953 239,731 224,389

IV. Investment property 36,339 0 1 0 167 36,507 19,935 0 496 0 127 140 20,418 16,089 16,404

V. Financial assets 1,414 0 1,755 362 0 2,807 101 0 0 0 0 0 101 2,706 1,313

Total fixed assets 888,170 –11,237 68,817 19,960 0 925,790 581,981 –9,095 42,272 18,297 0 400 596,461 329,329 306,189

Annualreport201783

NOTES


Position as at

1.1.2017¤ ‘000

Foreign exchange

conversion¤ ‘000

Additions

¤ ’000

Disposals

¤ ’000

Book transfer

¤ ’000

Position as at

31.12.2017 ¤ ’000

Position as at

1.1.2017¤ ‘000

Foreign exchange


Additions

¤ ‘000

Disposals

¤ ‘000

Book transfer

¤ ‘000

Write-up

¤ ‘000

Position as at

31.12.2017 ¤ ‘000

Position as at

31.12.2017 ¤ ‘000

Position as at

31.12.2016 ¤ ‘000


1. Rightsofusufruct 16,032 –419 3,794 66 19,473 12,696 –350 1,048 13,394 6,079 3,336

2. Licences,commercialtrademarksandassociatedrights 29,101 –26 4,187 102 32 33,192 24,452 –22 1,936 101 26,265 6,927 4,649

3. Intangibleassetsproducedin-house 10,624 1,063 11,687 1,129 2,338 3,467 8,220 9,495

4. Incompletesoftwareprojects 899 2,738 –92 3,545 0 3,545 899

56,656 –445 11,782 102 6 67,897 38,277 –372 5,322 101 0 0 43,126 24,771 18,379

II. Goodwill 140,010 –4,789 866 192 0 135,895 94,306 –4,251 0 192 0 0 89,863 46,032 45,704


buildings,includingbuildingsonthird-partyland 125,086 –634 6,280 10 –116 130,606 37,149 –317 2,528 10 –127 260 38,963 91,643 87,937

2. Tenants’fittings 211,191 –2,212 17,987 5,265 1,057 222,758 146,136 –1,444 11,754 4,992 151,454 71,304 65,055

3. Factoryandofficeequipment 316,598 –3,148 27,603 14,029 –396 326,628 246,077 –2,711 22,172 13,002 252,536 74,092 70,521

4. Assetsunderconstruction 876 –9 2,543 –718 2,692 0 2,692 876

653,751 –6,003 54,413 19,304 –173 682,684 429,362 –4,472 36,454 18,004 –127 260 442,953 239,731 224,389


V. Financial assets 1,414 0 1,755 362 0 2,807 101 0 0 0 0 0 101 2,706 1,313

Total fixed assets 888,170 –11,237 68,817 19,960 0 925,790 581,981 –9,095 42,272 18,297 0 400 596,461 329,329 306,189

84 Annualreport2017

NOTES

Changes in consolidated fixed assets as at 31. 12. 2016


Position as at

1.1.2016¤ ‘000

Foreign exchange

conversion¤ ‘000

Additions

¤ ’000

Disposals

¤ ’000

Book transfer

¤ ’000

Position as at

31.12.2016 ¤ ’000

Position as at

1.1.2016¤ ‘000

Foreign exchange


Additions

¤ ‘000

Disposals

¤ ‘000

Book transfer

¤ ‘000

Write-up

¤ ‘000

Position as at

31.12.2016 ¤ ‘000

Position as at

31.12.2016 ¤ ‘000

Position as at

31.12.2015 ¤ ‘000


1. Rightsofusufruct 15,325 40 797 130 16,032 11,814 31 978 127 12,696 3,336 3,5112. Licences,commercialtrademarks

andassociatedrights 26,877 1 1,749 112 586 29,101 22,426 1 2,075 50 24,452 4,649 4,451

3. Intangibleassetsproducedin-house 1,240 7,518 264 2,130 10,624 555 838 264 1,129 9,495 685

4. Incompletesoftwareprojects 2,795 793 –2,689 899 0 899 2,795

46,237 41 10,857 506 27 56,656 34,795 32 3,891 441 0 0 38,277 18,379 11,442

II. Goodwill 140,818 466 0 1,274 0 140,010 95,166 414 0 1,274 0 0 94,306 45,704 45,652


buildings,includingbuildingsonthird-partyland 124,839 62 119 66 125,086 34,656 31 2,462 37,149 87,937 90,183

2. Tenants’fittings 202,272 80 14,782 6,701 758 211,191 141,198 38 10,750 5,850 146,136 65,055 61,074

3. Factoryandofficeequipment 307,529 16 22,237 12,807 –377 316,598 236,243 38 22,396 12,600 246,077 70,521 71,286

4. Assetsunderconstruction 654 –2 698 –474 876 0 876 654

635,294 156 37,836 19,508 –27 653,751 412,097 107 35,608 18,450 0 0 429,362 224,389 223,197


V. Financial assets 765 0 850 201 0 1,414 101 0 0 0 0 0 101 1,313 664

Total fixed assets 859,457 663 49,569 21,519 0 888,170 561,602 553 39,992 20,166 0 0 581,981 306,189 297,855

Annualreport201785

NOTES


Position as at

1.1.2016¤ ‘000

Foreign exchange

conversion¤ ‘000

Additions

¤ ’000

Disposals

¤ ’000

Book transfer

¤ ’000

Position as at

31.12.2016 ¤ ’000

Position as at

1.1.2016¤ ‘000

Foreign exchange


Additions

¤ ‘000

Disposals

¤ ‘000

Book transfer

¤ ‘000

Write-up

¤ ‘000

Position as at

31.12.2016 ¤ ‘000

Position as at

31.12.2016 ¤ ‘000

Position as at

31.12.2015 ¤ ‘000


1. Rightsofusufruct 15,325 40 797 130 16,032 11,814 31 978 127 12,696 3,336 3,5112. Licences,commercialtrademarks

andassociatedrights 26,877 1 1,749 112 586 29,101 22,426 1 2,075 50 24,452 4,649 4,451

3. Intangibleassetsproducedin-house 1,240 7,518 264 2,130 10,624 555 838 264 1,129 9,495 685

4. Incompletesoftwareprojects 2,795 793 –2,689 899 0 899 2,795

46,237 41 10,857 506 27 56,656 34,795 32 3,891 441 0 0 38,277 18,379 11,442

II. Goodwill 140,818 466 0 1,274 0 140,010 95,166 414 0 1,274 0 0 94,306 45,704 45,652


buildings,includingbuildingsonthird-partyland 124,839 62 119 66 125,086 34,656 31 2,462 37,149 87,937 90,183

2. Tenants’fittings 202,272 80 14,782 6,701 758 211,191 141,198 38 10,750 5,850 146,136 65,055 61,074

3. Factoryandofficeequipment 307,529 16 22,237 12,807 –377 316,598 236,243 38 22,396 12,600 246,077 70,521 71,286

4. Assetsunderconstruction 654 –2 698 –474 876 0 876 654

635,294 156 37,836 19,508 –27 653,751 412,097 107 35,608 18,450 0 0 429,362 224,389 223,197


V. Financial assets 765 0 850 201 0 1,414 101 0 0 0 0 0 101 1,313 664

Total fixed assets 859,457 663 49,569 21,519 0 888,170 561,602 553 39,992 20,166 0 0 581,981 306,189 297,855

86 Annualreport2017

NOTES

Intangibleassets includeITsoftware,whichiswrittendownonastraightlinebasisoverthreetofiveyears.Therearenointangibleassetswithunlimitedusefullives.

Theadditionsregardingtheintangibleassetsproducedin-housefullyrelatetothecapitalisationofanin-housesoftwaredevelopmentamountingtoT¤1,063(previousyear:T¤7,518).Therewerenotransfersfromtheincompletesoftwareproductstotheintangibleassetsproducedin-house(previousyear:T¤2,130).

Theadditionsregardingtheincompletesoftwareproductsmainlyrelatetocostsforfurtherdevelopingthecompany’sownsoftware,amountingtoT¤2,218(previousyear:T¤0).Furtheradditionsrelatetocostsfordevelopingnewsoftware,amountingtoT¤520(previousyear:T¤674).

The costs which could not be capitalised in the reporting year amounted toT¤521intotal(previousyear:T¤3,204).

Thisitemalsoincludesleasingrightsthatarewrittendownoveramaximumof15years.TheadditionsregardingtheleasingrightslargelyresultfromthenewstoresinItalyandamounttoT¤3,190.

Thisitemcontainsgoodwillfromcapitalconsolidation.Goodwillisallocatedtoindivid-ualcashgeneratingunits(CGUs)forthepurposesoftheimpairmenttest.Inestablishedmarkets,theseareessentiallyindividualstores.IncountrieswheretheFielmannstorenetworkhasnotyetbeenbuiltupsufficiently, the impairment test takesplaceat theleveloftheentireregion.SignificantgoodwillamountingtoT¤36,602wasallocatedtotheGermanysegment(previousyear:T¤35,897),includingT¤27,386applicabletostorestreatedassingleCGUs(previousyear:T¤26,680)andT¤8,740toRathe-nowerOptischeWerkeGmbH(previousyear:T¤8,740).FurthersignificantgoodwillofT¤5,723isattributabletotheSwitzerlandsegment(previousyear:T¤6,261)andofT¤3,546 to theNetherlands in theother segments (previousyear:T¤3,546).Thechanges in book value are caused by the conversion in Switzerland triggered bychangesintheexchangerate.

(1) Intangible assets

(2) Goodwill

Annualreport201787

NOTES

The residual book values of tangible assets including investment properties breakdownamongthesegmentsasfollowsasat31December2017:

31.12.2017 ¤ ‘000

31.12.2016 ¤ ‘000

Germany 219,264 208,320

Switzerland 21,949 21,287

Austria 5,885 6,794

Other 8,722 4,392

255,820 240,793

Technicalfacilitiesandmachineryareincludedundertheitem“factoryandoffice

equipment”.Theadditions(includingthoseresultingfromareclassificationfromassetsunder

construction)intangibleassetswereinpartduetotheexpenditureofT¤33,660onreplacements for stores (previousyear: T¤28,213).Otheradditions resulted fromexpansionoftheGroup(T¤8,742;previousyear:T¤3,822).Therearerestrictionsintermsoftherightofdisposalwithregardstopropertiesandothertangibleassetsof theFielmannAcademydue tonon-profitstatusand listedbuildingstatus.ThesetotalledT¤18,292(previousyear:T¤18,687).

TheadditionstolandandpropertyincludeT¤5,867worthofadditionsfromtheactivationofapropertyinLübeck.On28September2017,acontractofpurchaseworthT¤4,200wasnotarizedforapropertypurchaseinOldenburg.ThetransferofbenefitsandobligationstookplaceinJanuary2018.

RealestatewhichisnotactivelyusedbyanyofthecompanieswithintheGroupisincludedininvestmentpropertiesclassification.UnderIAS40,suchpropertiesareclassifiedasinvestmentandvaluedatamortisedcost.Inthereportingyear,additionalcapitalisationsofT¤1weremadefortheseproperties(previousyear:T¤26).ThefairvalueascertainedwithoutaprofessionalsurveyorbutonthebasisofthegrossrentalmethodisT¤23,202(previousyear:T¤22,980).ThecorrespondingrentalincomeduringthereportingperiodamountstoT¤1,547(previousyear:T¤1,532).ThisisoffsetbydirectlyattributableexpensesofT¤990(previousyear:T¤1,009).Asinthepreviousyear,therewerenoextraordinarydepreciationsonproperty.

(3) Tangible assets/

investment property

88 Annualreport2017

NOTES

Non-current financialassetscontain,amongothers, loanstonon-controllingshare-holders.

DeferredtaxassetsamountingtoT¤12,686arecapitalised(previousyear:T¤9,224).MoreinformationisprovidedinNote(39)oftheNotestotheaccounts.

Non-currentotherfinancialassetsareessentiallylong-termbondsandfixeddepositsofFielmannAktiengesellschaft.Thechangecompared to thepreviousyearmainlyresultsfromthematuritiesinthefinancialassets.ThesummaryoffinancialassetsisshowninNote(42). Inaddition,deposits,employeeloansandreinsuranceentitle-mentswerealsoreportedunderthisitem.Regardingemployeeclaims(intheformofloans),weexpectarepaymentofT¤50inthenext12months(previousyear:T¤98).Thisisreportedundercurrentotherfinancialassets(seeNote(8)).

31.12.2017¤ ‘000

31.12.2016¤ ‘000

Rawmaterialsandsupplies 637 700

Workinprogress 8,785 8,689

Finishedproductsandmerchandise 119,251 118,747

128,673 128,136

Inventoriesmainlyrelatetoproductsforglasses,sunglasses,contactlensesandhea-ringaids.Theyalsoincludeothermerchandise.Workinprogressprincipallyrelatestoprocessedcustomerordersforglassesandhearingaids.

ThetotalvalueadjustmentsoninventoriesstandsatT¤6,868andwasrecognisedin full under cost ofmaterials (previous year: T¤7,497).Utilisation of inventoriesamounting to T¤ 273,649 were recognised as expenditure in the financial year(previousyear:T¤277,408).

Therewerenocontractualliens,securityinterestsorrightsofsettingoffthatwouldapplytothereceivables.Therewerenodeviatingfairvalues.Thevastmajorityoftheassetslistedarenotinterestbearingandareconsequentlynotsubjecttoanyinterestraterisk.

(4) Non-current financial assets (25)

(5) Deferred tax assets

(6) Other non-current

financial assets (25)

(8) Trade debtors and

current other financial

assets (25)

(25)SeeNote(25)forfurtherdetails

(7) Inventories

Annualreport201789

NOTES

ValueadjustmentsofT¤2,481werecreatedforamountsduefromcustomersinthestores(previousyear:T¤2,530).Thedefaultriskwithregardtootherreceivablesisviewedaslow.ValueadjustmentsamountingtoT¤736wererecorded(previousyear:T¤676).

OtherfinancialassetsmainlycontainreceivablesduefromsuppliersofT¤24,836(previousyear:T¤20,454),claimsagainstnon-controllingshareholdersofT¤772(previous year: T¤ 977) and claims against insurance companies of T¤ 22,841(previousyear:T¤22,126).Ofthesereceivables,T¤21,791werevaluedatmarketvalue(previousyear:T¤21,043).

ThisitemmainlycomprisesprepaidexpensesforadvancepaymentsofsocialsecuritycontributionsinSwitzerlandandforITatFielmannAktiengesellschaft.

TaxassetsamountingtoT¤10,748(previousyear:T¤9,725)resultfromprepaymentsofcorporation tax(T¤4,838;previousyear:T¤5,260)andtradetax(T¤5,910;previousyear:T¤4,465).

Currentfinancialassetscontainbonds,fixeddeposits,bondedloansandfundsheldbyFielmannAktiengesellschaft.TheyalsoincludeacustodialaccountinSwitzerlandcomprisingsharesandbonds.Inaddition,thecurrentfinancialassetsincludefundsinthedistributioncompanyinItalywhichserveasleasesecurities.Thechangecom-paredtothepreviousyearmainlyresultsfromthematuritiesinthefinancialassets.ThesummaryoffinancialassetsisshowninNote(42).

Thisitemcontainsliquidfundsandcapitalinvestmentswitharemainingtermatthedateofacquisitionofuptothreemonths.ThecreditriskisviewedaslowbecauseoftheGroup’sinvestmentguidelinesandtheassessmentofthemarket.Thechangecomparedtothepreviousyearmainlyresultsfromthematuritiesinthefinancialassets.ThesummaryoffinancialassetsisshowninNote(42).

Equity and liabilities

As at 31 December 2017, the subscribed capital of Fielmann AktiengesellschaftamountedtoT¤84,000.AttheAnnualGeneralMeetingon3July2014,astocksplit(1:2ratio)wasresolvedandcarriedouton22August2014.Sincethen,Fielmann’scapitalhasbeendividedinto84millionordinarysharesofnoparvalue.Anotional

(9) Non-financial

assets

(10) Current tax

assets

(11) Current financial

assets (25)

(12) Cash and cash

equivalents (25)

(13) Subscribed capital/

authorised capital


90 Annualreport2017

NOTES

interestinthesharecapitalof¤1.00isattributabletoeachofthe84millionshares.ThesharesarebearersharesandallofferthesamevotingrightsaswellasrightstotheassetsandprofitsofFielmannAktiengesellschaft.

UnderArticle5Para.3of theArticlesofAssociation, theManagementBoardhastheauthority,subjecttotheagreementoftheSupervisoryBoard,tomakenewrightsissuesofordinarybearersharesforcashand/orcontributionsinkind,inoneormorestagesupto13July2021,foruptoamaximumofT¤5,000.TheManagementBoarddidnotexercisethisauthorityinthereportingperiod.

The fundamentalaimofourcapitalmanagement is toguarantee theFielmannGroup’sfinancialstabilityandflexibilitybysecuringitscapitalbaseinthelongterm.Inmanaging itscapital, theGroupalsoaims toachieveanappropriate returnonequityandtoallowitsshareholderstoparticipateintheGroup’ssuccess.TheGroup’smanagedcapitalconsistsoffinancialliabilities,cashandcashequivalentsandequity.

FielmannAktiengesellschaftandthejointstockcompaniesincludedinthefinancialaccountsaresubjecttotheminimumcapitalrequirementsofGermanlegislationgover-ningpublicandprivatelimitedcompaniesaswellasthecorrespondingprovisionsofstatelawandthelegalform.Therearenoothersector-specificminimumcapitalrequirements.

TheliquidityoftheFielmannGroupispooled,checkedandmanagedcentrallyonadailybasis.Bothdailyandmonthlyreportingsystemshavebeeninstalledforthispurpose.ThissystemguaranteestheGroup’scompliancewithallminimumcapitalrequirements.

Asat31December2017,FielmannAktiengesellschaftheld3,072(previousyear:5,493)ownshareswithabookvalueofT¤220(previousyear:T¤357).TheFiel-mannshareswereacquiredwithinthemeaningofSection71Para.1No.2oftheGermanStockCorporationAct (AktG) in order to offer them to staff of FielmannAktiengesellschaftoritsaffiliatedcompaniesasemployeesharesortobeabletousethemaspartofshare-basedpayments.

Theamountshownrelatesexclusivelytothepremiumfromthe1994rightsissueunderSection272Para.2No.1oftheGermanCommercialCode(HGB).

Theprofitreservescontainnon-distributedprofitsforthefinancialyearandpreviousyears,theforeignexchangeequalisationitem,profitsandgainsongivingownsharestoemployeesinaccordancewithIFRS2andactuarialgainsandlossesfrompensionprovisionsaspartoftheapplicationofIAS19.

(14) Capital reserve

(15) Profit reserves

Annualreport201791

NOTES

ThebalancesheetprofitamountstoT¤155,400(previousyear:T¤151,200)andcomprisesnetincome(T¤172,853;previousyear:T¤171,218)plustheconsolidatedincomebroughtforward(T¤88;previousyear:T¤51)lessminorityshares(T¤5,226;previousyear:T¤4,910)andlesschangesinprofitreserves(T¤12,315;previousyear:T¤15,159).

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

Non-currentaccrualsdevelopedasfollows:

Position as at

1.1.2017 ¤ ‘000

Foreign exchange


Consump-tion

¤ ‘000

Write-backs

¤ ‘000

Allocation

¤ ‘000

Position as at

31. 12. 2017 ¤ ‘000

Pensionaccruals 7,806 –192 –62 224 7,776Accrualsforanniversarybonuses 6,999 –78 –772 –402 1,386 7,133Reconversionobligations

2,432 –33 –15 699 3,083Accrualsformerchandise

4,807 –3,559 3,392 4,640Othernon-currentaccruals

1,281 –381 –43 287 1,14423,325 –78 –4,937 –522 5,988 23,776

Pensionaccrualsmainlyinvolvethenon-forfeitablepensioncommitmentsofFiel-mannAktiengesellschaftandonlyrelatetotheGermanysegment(T¤6,766;previousyear:T¤6,859).

The accruals are matched by reinsurance credits of T¤ 420 (previous year:T¤575),whicharenettedoffagainstpensionaccrualsofT¤280(previousyear:T¤330).ThechangeintheaccrualsincludestheadditionofinterestintheamountofT¤132(previousyear:T¤169).After2017,pensionaccrualsofFielmannAktienge-sellschaftwillmost likelyberealisedover thesubsequent15years in linewith thestatisticalmortalitytable.

(16) Balance sheet profit

(17) Non-controlling

interests

(18) Non-current accruals

92 Annualreport2017

NOTES

Thekeyassumptionsonwhichtheactuarialvaluationhasbeenbasedare:

2017in %

2016in %

Discountrate 1.58 1.65

Anticipatedincreaseinincome 0.00 2.00

Anticipatedincreaseinpensions 2.00 2.00

Asensitivityanalysiswascarriedoutinrespectofthediscountrate.Loweringthediscountratebyonepercentagepointwouldresultinthepresentvalueofthedefinedbenefitobligation increasingbyT¤1,324,while raising thediscount ratebyonepercentagepointwouldlowerthepresentvaluebyT¤1,062.ThevaluesshownonlyresultedinasubordinatedriskfrompensioncommitmentsandreinsurancecreditsfortheGroup.

Thechangeinthepresentvalueofthedefinedbenefitobligationwasasfollows:

2017¤ ‘000

2016¤ ‘000

Openingbalanceofthedefinedbenefitobligation 8,136 7,071

Currentservicecosts(reportedinpersonnelcosts) 16 212

Interestexpenses(reportedinfinancialresult) 132 169

Actuarialgainsandlosses(reportedinOCI) –36 728

Benefitspaid –192 –44

Closing balance of the defined benefit obligation 8,056 8,136

Thechangeinothercomprehensiveincome(OCI)mainlyresultedfromchangesininterestrates.IncometaxexpensesamountingtoT¤11areattributabletoactuarialgainsandlossespostedinothercomprehensiveincome(previousyear:taxincomeofT¤223).

Annualreport201793

NOTES

Breakdownoftheplans:

2017¤ ‘000

2016¤ ‘000

Definedbenefitobligations

–fromplanswhichwerepartlyorwhollyfinancedviaafund(reinsurance) 6,766 6,859

–fromplanswhichwerenotfinancedviaafund 1,290 1,277

Total 8,056 8,136

Anendowmentpolicyservesasreinsuranceforthedefinedbenefitobligation.Theamountshowninthebalancesheetonthebasisofthecompany’sobligation

fromdefinedbenefitplansisproducedasfollows:

2017¤ ‘000

2016¤ ‘000

Presentvalueofthedefinedbenefitobligation 8,056 8,136

Fairvalueofplanassets –280 –330

Accruals stated in the balance sheet 7,776 7,806

Accrualsforanniversarybonusesareallocatedfor10-to35-yearanniversariestakingactualratesoffluctuationfromthepastintoaccount.Discountingisperformedwiththeappropriateinterestratefortheperiodoftheaverageremainingtermuntiltheanniversaryconcerned.Theseaccrualswillprobablyberealisedduringthenext12monthstothevalueofT¤822(previousyear:T¤671).ThechangeinthediscountratetriggeredbyeventsonthecapitalmarketduringthereportingyearresultsinanincreaseintheaccrualbyT¤38(previousyear:increaseofT¤246).TheincreaseinthediscountedamountcausedbythepassageoftimeamountstoT¤63(previousyear:T¤86).

94 Annualreport2017

NOTES

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

10-yearanniversaries: 0.32%(previousyear:0.20%)25-yearanniversaries: 1.58%(previousyear:1.42%)35-yearanniversaries: 1.86%(previousyear:1.75%)Thereconversionobligationsundertenancyagreementsaretobeviewedaslong

term.Norisksarediscernibleduringthecoming12months. Inthemajorityof thetenancyagreementsthecompaniesoftheFielmannGrouparepresentedwithoneormoreoptionstoextendthetenancyperiod.Aninterestrateof1.72%(11years)wasappliedwhendiscountingthesettlementamountsestablishedonthereportingdate(previousyear:1.83%(12years)).Aninflationrateof0.4%wastakenintoaccount(previousyear:0.4%).Thediscountedsettlementamountsarecapitalisedintheacqui-sitioncostsoftenants’fittingswithfixedassets.Theyaresubjectedtoscheduleddepre-ciationovertheremainingtermofthetenancyagreement.Thecapitalmarket-relatedchangetothediscountrateinthereportingyearhasledtoanincreaseintheaccrualofT¤22(previousyear:increaseintheaccrualofT¤180).

Theaccrualsrelatingtomerchandiserefer torisksunderguaranteesandotherresultingrisks.Inadditiontocostofmaterials,theseincludepersonnelcostsforsev-erancepayments.Therisksare largelyrealisedwithin twelvemonthsandwithinamaximumofthreeyears.ThecurrentportionofrisksunderguaranteesisshownundercurrentaccrualsinNote(21).Theassumptionsregardingtheassessmentofrisksareconstantlyverifiedbyreportsonguaranteecases.Aninflationrateof0.4%wastakenintoaccountwhencalculatingthesettlementamounts(previousyear:0.4%).Theinter-estratesusedfordiscountingwere0.08%fortwoyears(previousyear:0.22%)and0.31%forthreeyears(previousyear:0.36%).ThechangesininterestratesresultedinanincreaseinaccrualsofT¤12(previousyear:increaseintheaccrualsofT¤40).

Changesininterestratesresultedinchangestoothernon-currentaccrualsofT¤66(previousyear:T¤68).

Annualreport201795

NOTES

Non-currentfinancialliabilitiesarebrokendownasfollows:

31.12.2017¤ ‘000

31.12.2016¤ ‘000

Non-currentliabilitiestofinancialinstitutions838 755

–ofwhichwitharesidualtermofmorethan5yearsT¤501(previousyear:T¤554)

Othernon-currentliabilities 1,020 850–ofwhichwitharesidualtermofmorethan5yearsT¤239(previousyear:T¤13)

1,858 1,605

Allnon-currentliabilitiestobankscarryafixedrateofinterestandareforafixedterm.Nosignificantinterestrateriskisdiscerniblebecauseborrowingislow.

DeferredtaxliabilitiescarriedasliabilitiesstandatT¤9,463(previousyear:T¤8,430).MoreinformationisprovidedinNote(39)oftheNotestotheaccounts.

Currentaccrualshavedevelopedasfollows:

Position as at

1.1.2017¤ ‘000

Foreign exchange


Consumption

¤ ‘000

Writebacks

¤ ‘000

Allocation

¤ ‘000

Position as at

31.12.2017¤ ‘000

Personnelaccruals 30,807 –29,957 –850 31,498 31,498

Accrualsformerchandise 6,593 –87 –3,591 3,396 6,311

Otheraccruals 4,095 –3,060 –562 4,546 5,019

41,495 –87 –36,608 –1,412 39,440 42,828

Theaccrualsrelatingtopersonnelaresetupinparticularforliabilitiesinrespectofspecialpaymentsandbonuses.Thecashoutflowtakesplaceduringthefirsthalfofthefollowingfinancialyear.

Theaccrualsrelatingtomerchandiserefertorisksunderguarantees,whicharelikelytoberealisedinthenexttwelvemonths.Thenon-currentportionofrisksunderguaranteesisshowninNote(18).Inthefirstyear,over50%oftheguaranteecasesexpectedintotalwillbesettled.

Theotheraccrualsrelatetothecostsoflegalandcommercialadviceandaudit-ing,inparticular.

(19) Non-current

financial liabilities (25)

(20) Deferred tax liabilities

(21) Current accruals


96 Annualreport2017

NOTES

Owingtothelowrateofdebt,therearenosignificanteffectsontheGroupthroughfluctuationsininterestrates.Theseliabilitieshaveatermofuptooneyear.

Includedinotherfinancialliabilitiesareliabilitiestonon-controllingshareholdersamountingtoT¤2,919(previousyear:T¤2,701),whichhavethenatureofequityintheindividualcompanyaccountsaccordingtolocallawandaretobereportedasliabilitiesinaccordancewithIAS32(seealsoNotes(17),(25)and(41)).

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

Income tax debts essentially relate to corporation taxes (especially for FielmannAktiengesellschaftanddistributioncompaniesinSwitzerland)andtradetaxes.

All categories of financial instruments are reportedat their value on thedate therespective transaction is completed. Allocation into measurement categories inaccordancewithIFRS7waseffectedonthebasisoftheeconomicpropertiesandtheriskstructureoftherespectivefinancialinstruments.Ineachcategory,thecurrentvalueisdeterminedbystockmarketpricesand/orotherdataavailableinthefinancialmarket.In-housevaluationproceduresorproceduresthatarenotbasedonobserv-ablemarketdatawerenotused.Asa result, therewerenomaterialuncertaintiesindetermining thefairvalueof the financial instrument.Securitiesheldfor tradingpurposesandfinancialassetsatfairvaluethroughprofitandlosswereclassifiedinthecorrespondingcategory.

Themaximumdefaultriskforthefinancialassetscorrespondstotheirbookvalues.Fromthecompany’sperspective,financialassetsthatareneitherpastduenorimpaireddonotposeanysignificantrisksinallthecategories.

TheGrouphasnotpreparedananalysisofthedatesonwhichmaterialfinancialliabilitiesareduesincesufficientliquidfundsarepermanentlyavailableandthereisthereforenoliquidityrisk.

Market risks forfinancial instruments in theFielmannGroup includepriceandinterestraterisksforanycapitalinvestments,especiallycurrencyrisks.

(22) Current financial liabilities,

trade creditors and other

financial liabilities(25)

(23) Non-financial liabilities

(24) Income tax liabilities

(25) Financial Instruments


Annualreport201797

NOTES

Currency risks Asaresultofitsinternationaloperations,theFielmannGroupisexposedtoforeignexchangerisks.Financial instrumentsareconvertedtoeurosattheexchangerateofthebalancesheetdateinaccordancewithIAS21.Anyforeignexchangedifferencesarepostedtoaseparateforeignexchangeequalisationitemincludedunderprofitreserves.Additionalcurrencyrisksareduetotheconversionofexistingfinancial instruments,especiallycreditbalanceswithbanks,capital invest-ments,intra-groupreceivablesandliabilitiesaswellasprocurement liabilities.TheforeigncurrenciesthatarerelevantfortheFielmannGrouparelistedunder“foreignexchange conversion” in Section III “Key accounting and valuation principles”. Inparticular, theFielmannGroup isexposed to risk through theSwiss francand theUSdollar.Inthecourseofasensitivityanalysis,theimpactonthevaluationoffinancialinstru-mentsinthecurrenciesofSwissfrancandUSdollarisascertainedonthebasisofareasonablypossibleappreciation(depreciation)of10%ofthosecurrenciesagainsttheeuroasat31December2017(previousyear:10%).Thisanalysisassumesthatallothervariablesremainconstant.IftheSwissfrancappreciatedagainsttheeuroby10%,thevaluationofFielmann’sfinancialassets(¤83.3million,previousyear:¤90.3million)andfinancialliabilitiestotalling¤9.6million(previousyear:¤5.5million)wouldseeanincreaseinequityof¤6.1million(previousyear:¤5.2million)aswellasanincreasednetprofitfortheyearof¤1.3million(previousyear:increaseof¤0.4million).ThedepreciationoftheSwissfrancagainsttheeuroby10%wouldhavetheoppositeeffectonequityandnetincomefortheyear.Inparticular,thesignificantchangeinequityisduetotheconversionoffinancialinstrumentsthatexistintheSwisscompanies.Considering the valuationof financialassetsamounting to¤1.1million (previousyear:¤20.6million)andfinancialliabilitiestotalling¤2.3million(previousyear:¤3.0million),anappreciationoftheUSdollaragainsttheeuroby10%wouldleadtoadecreaseinequityof¤0.1million(previousyear: increaseof¤1.4million)andalowernetprofitfortheyearof¤0.1million(previousyear:increaseof¤1.4million).ThedepreciationoftheUSdollaragainsttheeuroby10%wouldhavetheoppositeeffectonequityandnetincomefortheyear.

98 Annualreport2017

NOTES

Interest rate risks Thecapital investmentsof theFielmannGroup includecallmoneyandfixed-termdepositsaswellasfixedinterestsecuritiesandbondedloans.Asthesecapitalinvestmentsarepredominantlyfixedinterestandtobeheldtomatu-rity,thereisnosignificantinterestrateriskfortheGroup.Owingtothelowlevelofdebtandadditional financial assets, thereare nomaterial interest rate risks fromfinancialliabilities.

Price risks TheFielmannGroupisaboveallexposedtopriceriskthroughcapitalinvestmentsinsharesandsimilarinvestments.Asensitivityanalysisiscarriedouttoassesstheimpactofareasonablypossibleincrease(reduction)inthesharepriceby10%asagainstthepriceon31December2017(previousyear:10%).Thisanalysisassumesthatallothervariablesremainconstantandthattheholdingasatthebalancesheetdateisrepresentativefortheyearasawhole.

Ariseinthepricelevelby10%wouldleadtoanincreaseinequityamountingto¤0.5million(previousyear:increaseof¤0.4million)andraisenetprofitfortheyearby¤0.5million(previousyear:increaseof¤0.4million).Areductioninthesharepriceby10%wouldhavethecorrespondingoppositeeffectonequityandnetincomefortheyear.

MoredetailedexplanationsoftheindividualfinancialrisksarecontainedintheManagementReport.

Annualreport201799

NOTES

Abbreviation Full title Measurement

LaR LoansandReceivables Atamortizedcost

FAHfT FinancialAssetsHeldforTrading Marketvaluethroughprofitorloss

FVtPL FairValuethroughProfitorLoss Marketvaluethroughprofitorloss

FLAC FinancialLiabilitiesMeasuredatAmortisedCost

Atamortizedcost

Key for abbreviations in the measurement categories tables

100Annualreport2017

NOTES

in ¤ ‘000

Measurement category in accor-dance with IAS 39

Book value on 31.12.2017 Amortised cost

Market value through profit or

lossCurrent value on

31.12.2017Book value on

31.12.2016Amortised

cost


loss Current value on

31.12.2016

ASSETS Financial assets (non-current)

Loans LaR 2,706 2,706 1,313 1,313

2,706 2,706 1,313 1,313

Other financial assets (non-current)

Loans LaR 1,507 1,507 1,691 1,691Bondsandfixeddeposits LaR 56,175 56,175 85,064 85,064 Reinsurancepolicies LaR 140 140 245 245

57,822 57,822 87,000 87,000

Trade debtors Tradedebtors LaR 31,158 31,158 26,733 26,733 31,158 31,158 26,733 26,733

Other financial assets (current)

Otherreceivables LaR 30,019 30,019 25,373 25,373 Otherreceivables FVtPL 21,791 21,791 21,043 21,043

51,810 51,810 46,416 46,416Financial assets (current)

Investmentmanagementcustodialaccounts FAHfT 8,729 8,729 8,460 8,460Funds FAHfT 11,263 11,263 10,254 10,254Bondsandfixeddeposits LaR 97,407 97,407 147,051 147,051

117,399 117,399 165,765 165,765Cash and cash equivalents

Bondsandfixeddeposits LaR 10,000 10,000 21,422 21,422Liquidfunds LaR 162,131 162,131 92,610 92,610

172,131 172,131 114,032 114,032Total assets

LaR 391,243 391,243 401,502 401,502FAHfT 19,992 19,992 18,714 18,714

FVtPL 21,791 21,791 21,043 21,043 433,026 433,026 441,259 441,259

LIABILITIES Financial liabilities (non-current)

Liabilitiestofinancialinstitutions FLAC 838 838 755 755Otherliabilities FLAC 303 303 295 295Loansreceived FLAC 717 717 555 555

1,858 1,858 1,605 1,605Financial liabilities (current)

Liabilitiestofinancialinstitutions FLAC 151 151 166 166 151 151 166 166

Trade creditors Tradecreditors FLAC 63,820 63,820 63,035 63,035

63,820 63,820 63,035 63,035Other financial liabilities

Otherliabilities FLAC 22,357 22,357 17,725 17,725Liabilitiesfromthirdparties’capitalinterests FLAC 2,919 2,919 2,701 2,701 25,276 25,276 20,426 20,426

Total liabilities

FLAC 91,105 91,105 85,232 85,232

91,105 91,105 85,232 85,232

Measurement categories in accordance with IFRS 7

Annualreport2017101

NOTES

in ¤ ‘000

Measurement category in accor-dance with IAS 39

Book value on 31.12.2017 Amortised cost


lossCurrent value on

31.12.2017Book value on

31.12.2016Amortised

cost


loss Current value on

31.12.2016

ASSETS Financial assets (non-current)

Loans LaR 2,706 2,706 1,313 1,313

2,706 2,706 1,313 1,313

Other financial assets (non-current)

Loans LaR 1,507 1,507 1,691 1,691Bondsandfixeddeposits LaR 56,175 56,175 85,064 85,064 Reinsurancepolicies LaR 140 140 245 245

57,822 57,822 87,000 87,000

Trade debtors Tradedebtors LaR 31,158 31,158 26,733 26,733 31,158 31,158 26,733 26,733

Other financial assets (current)

Otherreceivables LaR 30,019 30,019 25,373 25,373 Otherreceivables FVtPL 21,791 21,791 21,043 21,043

51,810 51,810 46,416 46,416Financial assets (current)

Investmentmanagementcustodialaccounts FAHfT 8,729 8,729 8,460 8,460Funds FAHfT 11,263 11,263 10,254 10,254Bondsandfixeddeposits LaR 97,407 97,407 147,051 147,051

117,399 117,399 165,765 165,765Cash and cash equivalents

Bondsandfixeddeposits LaR 10,000 10,000 21,422 21,422Liquidfunds LaR 162,131 162,131 92,610 92,610

172,131 172,131 114,032 114,032Total assets

LaR 391,243 391,243 401,502 401,502FAHfT 19,992 19,992 18,714 18,714

FVtPL 21,791 21,791 21,043 21,043 433,026 433,026 441,259 441,259

LIABILITIES Financial liabilities (non-current)

Liabilitiestofinancialinstitutions FLAC 838 838 755 755Otherliabilities FLAC 303 303 295 295Loansreceived FLAC 717 717 555 555

1,858 1,858 1,605 1,605Financial liabilities (current)

Liabilitiestofinancialinstitutions FLAC 151 151 166 166 151 151 166 166

Trade creditors Tradecreditors FLAC 63,820 63,820 63,035 63,035

63,820 63,820 63,035 63,035Other financial liabilities

Otherliabilities FLAC 22,357 22,357 17,725 17,725Liabilitiesfromthirdparties’capitalinterests FLAC 2,919 2,919 2,701 2,701 25,276 25,276 20,426 20,426

Total liabilities

FLAC 91,105 91,105 85,232 85,232

91,105 91,105 85,232 85,232

102Annualreport2017

NOTES

2017

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 962 108 176

FairValuethroughProfitorLoss FVtPL 338 133 388

LoansandReceivables LaR 11 634

FinancialLiabilitiesMeasuredatAmortisedCost FLAC 1,171

Reconciliation of financial result

Financialincomeandexpenseforbalancesheetitems,whicharenotfinancialinstruments 15 447

Incomeandexpensesonfinancialinstruments,whicharenotincludedintheinterestresult –1,300 –241 –11

Total 0 0 0 1,213 1,618

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

Income according to measurement categories

Annualreport2017103

NOTES

2016

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 298 1,772 569

FairValuethroughProfitorLoss FVtPL 63 534

LoansandReceivables LaR 911 590

FinancialLiabilitiesMeasuredatAmortisedCost FLAC 1,189

Reconciliation of financial result

Financialincomeandexpenseforbalancesheetitems,whicharenotfinancialinstruments 607

Incomeandexpensesonfinancialinstruments,whicharenotincludedintheinterestresult –298 –1,835 –911

Total 0 0 0 1,693 1,796

104Annualreport2017

NOTES

Profitsandlossesfromthesubsequentvaluationoffinancialinstrumentsinthecatego-riesof“FinancialAssetsHeldforTrading”andat“FairValuethroughProfitorLoss”arethedifferencebetweenstockmarketpriceandbookvalue.Changestothefairvaluearetakenintoaccountinlinewiththestockmarketpriceandforimminentdefaultonreceivables.Interestisrecordedaccordingtotherelevantpayments,takingintoaccountdeferralsfortheperiod.

Impairmentexpensesforfinancialinstrumentswhicharenotincludedintheinter-estresultareshownunder“otheroperatingexpenses”andcorrespondingincomeislistedunder“otheroperatingincome”.

Interestincomeforfinancialassetsandfinancialliabilities,whicharenotmeas-uredatmarketvaluethroughprofitorloss,cometoT¤634(previousyear:T¤590).ThecorrespondinginterestexpensesamounttoT¤1,171(previousyear:T¤1,189).

Thevalueadjustmentsforfinancialinstrumentsareopenlydeductedinthecaseoftradereceivablesandotherreceivablesthroughseparateaccounts.Impairedreceiva-blesessentiallyrelatetoreceivablesfromindividualcustomers,whicharewrittenoffinfullthreemonthsaftertheyfallduetotakeaccountoftheriskoftheirbeingunrecover-able.TherearepastduebutnotyetimpairedreceivablesfromcustomersamountingtoT¤1,855(previousyear:T¤1,282).Inthecaseofnon-impairedreceivables,theGroup’sretailactivitiesmeanthat thereisnodefaultriskresultingfromafocusonindividualborrowers.Valueadjustmentsdevelopedasfollows:

2017 ¤ ‘000

2016 ¤ ‘000

Positionasat1January 3,206 2,295

Allocation 2,541 2,949

Consumption –1,335 –1,516

Writebacks –1,195 –522

Position as at 31 December 3,217 3,206

Bonds and fixed deposits The item forbondsandfixeddepositsamountingtoT¤163,582(previousyear:T¤253,537)comprisesbonds(T¤138,524;previ-ousyear: T¤198,589),abonded loan (T¤5,002;Previousyear: T¤5,001)callmoneyandfixed-termdeposits(T¤20,056;previousyear:T¤49,947).EachoftheaforementionedarereportedatamortizedcostandbrokendownaccordingtothetypicalmaturitiespursuanttoIAS1.Thecurrentvalueequalstherespectiveamountdueforrepayment.

Investment management custodial accounts The investmentmanagementcustodialaccounts reportedunderfinancialassets relate toacustodialaccountofFielmann SchweizAG,which ismanaged by an external custodian and containssharesandbondsintheamountofT¤8,729(previousyear:T¤8,460).Theinvest-

Annualreport2017105

NOTES

mentpolicyisbasedonawrittenstrategyagreedwiththecustodialaccountmanager.Thesecuritiesheldtherearereportedatcurrentvalue(stockmarketprice).Valuationgainsandlossesinthereportingperiodwerechargedtotheprofitandlossaccount.

Funds As at the reporting date, the funds totalling T¤ 9,962 (previous year:T¤10,254)compriseone fund inFielmannAktiengesellschaft that invests ineuro-denominatedcorporatebonds.Thisisreportedatcurrentvalue(stockmarketprice).Valuationgainsand losses in thereportingperiodwerecharged to theprofitandlossaccount.Inaddition,fundsarereportedforthefirsttimeintheItaliansubsidiarytotallingT¤1,301.ThefundsserveasleasesecuritiesinItalyandarepledgedforthispurpose.Thisisreportedatcurrentvalue(stockmarketprice).Valuationgainsinthereportingperiodwerechargedtotheprofitandlossaccount.

Other receivables Other receivables in the LaRcategory totallingT¤30,019mainly relate to receivablesdue fromsuppliers (previousyear:T¤25,373).Otherreceivables amounting to T¤ 21,791 are reported at fair value (previous year:T¤21,043).Atthetimeofrecognition,thesereceivablesweredesignatedasat“FairValuethroughProfitorLoss”.ThepositivedifferenceinvaluebetweenamortisedcostandmarketvaluewasT¤561(previousyear:T¤743).Thisisreportedatcurrentvalue(stockmarketprice).Thebookvalueisthemaximumdefaultriskforthisreceivable.Valuationgainsandlossesinthereportingperiodwerechargedtotheprofitandlossaccount.PleaseseeNote(8)forfurtherdetails.

Liquid funds ThereareliquidfundsofT¤162,131(previousyear:T¤92,610),ofwhichT¤159,652(previousyear:T¤90,329)arecreditbalanceswithbanks,wherethecurrentvalueequalstheamountondeposit.

Liabilities to financial institutions Therearenon-currentliabilitiestofinancialinstitutionsofT¤838,whicharesecuredbychargesoverlandorsimilarrightsastheywerelastyear(previousyear:T¤755).Thefairvaluesofliabilitiestofinancialinstitutionscorrespondtotherespectiverepaymentamounts.

Liabilities from third parties’ capital interests Other financial liabilitiesincludethirdparties’capitalinterestsamountingtoT¤2,919(previousyear:T¤2,701),whicharetobereportedasliabilitiesinaccordancewithIAS32(seealsoNotes(17),(22)and(41)).

Other liabilities Non-currentfinancialliabilitiescontainobligationsunderagree-mentsoncapital-buildingpayments(fixedinterestemployeeholdings)witharemain-ingtermofovertwelvemonths.Theseliabilitiesamount toT¤234(previousyear:T¤236).

106Annualreport2017

NOTES

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

Lessee TheFielmannGroupfunctionsasalesseeofvehicles,equipmentandpropertyunderoperatingleases.Theleasepaymentsarerecognisedasanexpense.

Atthereportingdate,aresidualliabilityofT¤1,986(previousyear:T¤2,141)existedintheFielmannGroupbasedonleasetransactionsforvehiclesandequipment,ofwhichT¤1,093hadaremainingtermofuptooneyear(previousyear:T¤273)andT¤893ofmorethanoneanduptofiveyears(previousyear:T¤1,868).TheleasepaymentsrelatingtothesetransactionsduringthereportingyearamountedtoT¤453(previousyear:T¤447).

Rentalpayments(essentiallyforbusinesspremises)wereasfollows:

2017¤ ‘000

2016¤ ‘000

Minimumleasepayments 72,515 69,859

Contingentpayments 1,592 1,263

Paymentsforsub-leases 496 589

74,603 71,711

Minimumleasepaymentsrelatetorentsexcludingutilitychargesandcontractu-allyagreedancillarycosts.Contingentpaymentsincludeadditionalpaymentsundersales-basedleaseagreements.

TheGrouppredominantlyconcludesleaseagreementsforafixedperiodoftenyearswithtworenewaloptions(fiveyearseach).Inadditiontofixedminimumleasepayments,someagreementsincludeindexed,sales-basedandgraduatedrent.Thenumberofagreementssubjecttosuchtermsin2017wasasfollows:

Number

Lease agreements with the following provisions

Rented Let

Indexedrent 762 154

Sales-basedrent 126 2

Graduatedrent 68 17

Fixedrent 435 90

(26) Contingent liabilities, other

financial liabilities and lease

agreements

Annualreport2017107

NOTES

Rentalcommitmentswereas follows,whereby the information regarding futurecommitmentsonlycoversthecontractualperiodoftheleaseagreementsduringwhichthesecannotbeterminated:

31.12.2017¤ ‘000

31.12.2016 ¤ ‘000

Upto1year 72,902 69,918

Between1yearand5years 210,255 249,203

Morethan5years 93,010 100,596

376,167 419,717

RentalincomeofT¤2,682isexpectedfromsub-leasesthatcannotbeterminated(previousyear:T¤3,615).

Lessor TheFielmannGroupalsofunctionsasalessorofpropertywithintheframe-work of operating lease agreements. Lease agreements for properties used relateexclusivelytorentforcommercialproperty,whereasthepresentationofpropertiesletincludesbothcommercialandresidentialspace.Nocontingentpaymentsunderleaseagreementswerereceivedinthefinancialyear2017.

Inthemain,standardcommercialleaseagreements(foratermoffivetotenyears)andunlimitedresidentialtenancyagreementsareused.RentalincomeinthefinancialyearamountedtoT¤3,606(previousyear:T¤3,402)

Expectedfutureincomeincludingthatfromsub-leasesisasfollows:

31.12.2017 ¤ ‘000

31.12.2016 ¤ ‘000

Upto1year 2,242 2,642

Between1yearand5years 4,201 8,333

Morethan5years 737 506

7,180 11,481

ofwhichincomefrompropertyheldasinvestment 2,355 5,792

AspartofthepreparationsfortheintroductionofIFRS16,thesystemssimulat-ingfinanceflowsinleasingcontractswereoptimised.Thisleadstoamendmentstoreceivablesandliabilitiesfromincurredliabilitiesfortheperiod“over5years”.Thecomparablefigures for theprevious yearhavebeenadapted (fromT¤31,108 toT¤100,596andfromT¤227toT¤506).

Asat31December2017,thepurchasecommitmentsforstoreopeningsamounttoT¤1,660(previousyear:T¤440),forreplacementinvestmentsinexistingstoresT¤4,690(previousyear:T¤4,600),forproductionfacilitiesatRathenowT¤110(previousyear:T¤40)andT¤780forIThardware(previousyear:T¤900).

108Annualreport2017

NOTES

Profit and loss account

TheprofitandlossaccountoftheFielmannGroupwascompiledinaccordancewiththeoverallcostofproductionmethod.

TheincomefromsalesoftheFielmannGroup(grossincludingsalestax)isattribut-ableasfollows:

2017 2016

Gross¤ ‘000

Net¤ ‘000

Gross¤ ‘000

Net¤ ‘000

Stores,Germany 1,269,981 1,085,185 1,226,292 1,046,971

FielmannAG,Germany 5,958 5,007 5,235 4,400

Stores,Switzerland 185,281 171,557 184,196 170,552

Stores,Austria 96,750 81,328 93,753 78,757

Othersales 47,842 42,897 41,051 36,499

Consolidated sales 1,605,812 1,385,974 1,550,527 1,337,179

Changesininventories 355 355 –707 –707

Total Group sales 1,606,167 1,386,329 1,549,820 1,336,472

Income from sales includes income from selling services and rental incomefromownpropertyofT¤5,234(previousyear:T¤4,841).Theretailsectorachie-ved net income from sales of ophthalmic optics of T¤ 1,301,643 (previous year:T¤1,262,747).

Otheroperating incomemainlycomprises incomefromsubletting leasedpropertyand from writing back accruals and value adjustments. The income from foreignexchangedifferencesisvaluedatT¤763(previousyear:T¤2,941).Theincreasedincomein thepreviousyearprincipally resulted from theconversionofUSdollarsandSwissfrancs.

Thecostofmaterialsmainlyrelatestoframes,lenses,contactlenses,cleaningandcare products as well as hearing aids and hearing aid accessories and alreadyincludesdiscounts,rebatesandothersimilaramountsthathavebeendeducted.

2017 ¤ ‘000

2016 ¤ ‘000

Wagesandsalaries 479,816 456,246

Socialsecuritycostsandpensioncontributions 88,917 83,609

568,733 539,855

ofwhichpensionschemecontributions 41,947 39,767

AspartofthestatutoryarrangementsinGermanyconcerningcapital-buildingpay-mentstoemployees,anofferismadetotheworkforceonceayeartoinvestthesebenefits in the formofFielmannshares.On11August2017,eachemployeewasoffered8sharesatapriceof¤71.05withanexerciseperiodfortheoptionsuntil

(27) Income from sales, including

changes in inventories

(28) Other operating income

(29) Cost of materials

(30) Personnel costs

Annualreport2017109

NOTES

10November2017(previousyear:eachoffered8shareson27September2016atpriceof¤72.07,tobeexerciseduntil7November2016).Thisofferwastakenupby7,021employees(previousyear:6,920employees).Asaresult,56,168shareswereissuedtoemployees(previousyear:55,360shares).Therewerenoopenofferstosubscribetosharesatthebalancesheetdate.Onthelastdayoftheexerciseperiod,theclosingmarketpricewas¤72,14(previousyear:¤60.09).

InaccordancewithIFRS2,thesumofT¤4,052wasstatedasexpenditureforcapital-building payments in the form of shares within the Group (previous year:T¤3,326).Pricegainsandbooklossesonthedisposalofthecompany’sownshareswereoffsetdirectlyagainstequity.

Inthepastfinancialyear,employeesinthestoresalsoreceivedatotalof48,743shares from a performance-related remuneration scheme within the meaning ofIFRS2(previousyear:46,115shares).ThetotalexpenditureinvolvedamountedtoT¤6,995(previousyear:T¤5,244).ThisschemeaimstorewardparticularelementsoftheFielmannphilosophy,suchascustomersatisfaction.

TheremunerationofManagementBoardmembersisdividedintofixedcompo-nents and variable components,whicharebasedon the result. The remunerationfurtherincludesapensionplaninthecaseofoneManagementBoardmember.ThepremiumforaGroupaccidentinsurancepolicyfortheManagementBoardmembersandapecuniarybenefitfortheuseofcompanycarsareattributedtothefixedremu-nerationprorata.ThevariablecomponentsarebasedontheFielmannGroup’snetincomefortheyear.Therearenoshareoptionprogrammesinplace.

ThecorporatephilosophyofcompletededicationtocustomerneedsisreflectedinthecontractsgoverningtheManagementBoardmembers’variableremuneration.Inprinciple,thebonusesaredividedintotwosubareas.BonusI(T1)isbasedsolelyonnetincomefortheyearwithaweightingof70%.

BonusII(T2)isaimedatpromotingthecompany’slong-termdevelopment.Thisbonus is calculatedon thebasisof customer satisfaction in conjunctionwithnetprofit for theyear,which isassessedbymeansofa targetsystemoveraperiodofthreeyears.Themulti-yearremunerationalsocontainsaperiodofservicecom-ponent forGünter Schmid,whichwaspaid in the reporting yearat theamountofT¤1,095(previousyear:T¤0).Inaddition,MrSchmidhasbeenpromisedapension,whichguaranteeshim40%ofhislastgrosssalaryonreachingretirementage.Underthesecontracts,theceilingfortotalvariableremunerationforGüntherFielmannandGünterSchmid is200%offixedremuneration (Bonus IandBonusII),whileforDrStefanThiesandGeorgAlexanderZeiss,itamountedto150%ofthefixedremunerationupto30June2016,andthen175%from1July2016.ForMarcFielmann,MichaelFerleyandDrBastianKörber,theceilingfortotalvariableremunerationamountsto150%.

Inthepastfinancialyear,totalremunerationoftheManagementBoardamountedtoT¤12,344(previousyear:T¤12,546),ofwhichT¤4,393isfixedremuneration(previousyear:T¤4,402)andT¤7,840isvariable(previousyearT¤8,040),whilethepensionexpensestotalledT¤111(previousyear:T¤104).Fortheperiodfrom1Julyto31December2017,amemberoftheManagementBoardwholeftthecom-panyreceivedapensionofT¤108(previousyear:T¤0).

110Annualreport2017

NOTES

Günther FielmannChief Executive Officer (CEO)

Date of entry: 1994 1

Marc FielmannMarketing

Date of entry: 2016

Allowances granted in ¤ ‘000

2016 2017 2017 (Min.)

2017 (Max.) 2

2016 2017 2017 (Min.)

2017 (Max.) 2

Fixedremuneration 1,625 1,625 1,625 1,625 442 442 442 442

Ancillarybenefits 47 47 47 47

Subtotal 1,672 1,672 1,672 1,672 442 442 442 442

Variableremuneration

One-year(T1) 2,275 2,275 3,250-T2 464 464 663-T2

Multi-year

Customersatisfaction(3years)(T2) 975 975 3,250-T1 199 199 663-T1

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

Subtotal 3,250 3,250 0 3,250 663 663 0 663

Total 4,922 4,922 1,672 4,922 1,105 1,105 442 1,105

Pensionexpenses – – – – – – – –

Total remuneration 4,922 4,922 1,672 4,922 1,105 1,105 442 1,105

Michael FerleyMaterials Management

Date of entry: 01.07.2017

Dr. Bastian KörberSales

Date of entry: 2015


2016 2017 2017 (Min.)

2017 (Max.) 2

2016 2017 2017 (Min.)

2017 (Max.) 2

Fixedremuneration 221 221 221 520 520 520 520

Ancillarybenefits 9 9 9 1 9 9 9

Subtotal 0 230 230 230 521 529 529 529


One-year(T1) 232 331-T2 546 546 780-T2

Multi-year

Customersatisfaction(3years)(T2) 99 331-T1 234 234 780-T1

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

Subtotal 0 331 0 331 780 780 0 780

Total 0 561 230 561 1,301 1,309 529 1,309

Pensionexpenses – – – – – – – –

Total remuneration 0 561 230 561 1,301 1,309 529 1,309

Annualreport2017111

NOTES

Günter SchmidMaterials Management

Date of entry: 1994¹, Departure 30.06.2017

Dr. Stefan ThiesControlling

Date of entry: 2007


2016 2017 2017 (Min.)

2017 (Max.) 2

2016 2017 2017 (Min.)

2017 (Max.) 2

Fixedremuneration 585 293 293 293 552 585 585 585

Ancillarybenefits 42 21 21 21 16 16 16 16

Subtotal 627 314 314 314 568 601 601 601


One-year(T1) 819 410 585-T2 631 631 1,024-T2

Multi-year

Customersatisfaction(3years)(T2) 351 175 585-T1 271 270 1,024-T1

Periodofservice(3years) 373 429 – 429 – – – –

Subtotal 1,543 1,014 0 1,014 902 901 0 1,024

Total 2,170 1,328 314 1,328 1,470 1,502 601 1,625

Pensionexpenses 104 111 111 111 – – – –

Total remuneration 2,274 1,439 425 1,439 1,470 1,502 601 1,625

Georg Alexander ZeissFinance

Date of entry: 2004


2016 2017 2017 (Min.)

2017 (Max.) 2

Fixedremuneration 552 585 585 585

Ancillarybenefits 20 20 20 20

Subtotal 572 605 605 605


One-year(T1) 631 631 1,024-T2

Multi-year

Customersatisfaction(3years)(T2) 271 270 1,024-T1

Periodofservice(3years) – – – –

Subtotal 902 901 0 1,024

Total 1,474 1,506 605 1,629

Pensionexpenses – – – –

Total remuneration 1,474 1,506 605 1,629

1Previouslyhadcomparablefunctioninpredecessorcompany,FielmannVerwaltungKG2Themaximumlimitregulationincludesboththesingle-yearandmulti-yearvariableremunerationintotal.

112Annualreport2017

NOTES

Günther Fielmann Chief Executive Officer (CEO)

Date of entry: 1994 1

Marc FielmannMarketing

Date of entry: 2016

Michael FerleyMaterials Management

Date of entry: 01.07.2017

Inflow in ¤ ‘000 2016 2017 2016 2017 2016 2017

Fixedremuneration 1,625 1,625 442 442 221

Ancillarybenefits 47 47 9

Total 1,672 1,672 442 442 0 230

VariableremunerationOne-year(T1) 2,275 2,275 464

Multi-year

Customersatisfaction(3years)(T2) 975 975 199

Periodofservice(3years) – – – – – –

Total 3,250 3,250 0 663 0 0

Pensionexpenses – – – – – –

Total remuneration 4,922 4,922 442 1,105 0 230

Dr. Bastian KörberSales

Date of entry: 2015

Günter SchmidMaterials ManagementDate of entry: 1994¹,

Departure 30.06.2017

Dr. Stefan ThiesControlling

Date of entry: 2007

Inflow in ¤ ‘000 2016 2017 2016 2017 2016 2017

Fixedremuneration 520 520 585 293 552 585

Ancillarybenefits 1 9 42 21 16 16

Total 521 529 627 314 568 601

VariableremunerationOne-year(T1) 325 546 819 819 546 631

Multi-year

Customersatisfaction(3years)(T2) 140 234 351 351 234 271

Periodofservice(3years) – – – 1,095 – –

Total 465 780 1,170 2,265 780 902

Pensionexpenses – – 104 111 – –

Total remuneration 986 1,309 1,901 2,690 1,348 1,503

Georg Alexander ZeissFinance

Date of entry: 2004

Inflow in ¤ ‘000 2016 2017

Fixedremuneration 552 585

Ancillarybenefits 20 20

Total 572 605

VariableremunerationOne-year(T1) 546 631

Multi-year

Customersatisfaction(3years)(T2) 234 271

Periodofservice(3years) – –

Total 780 902

Pensionexpenses – –

Total remuneration 1,352 1,507

1Previouslyhadcomparablefunctioninpredecessorcompany,FielmannVerwaltungKG

Annualreport2017113

NOTES

2017¤ ‘000

2016¤ ‘000

Intangibleassets 5,322 3,891

Tangibleassetsincludinginvestmentproperty 36,950 36,101

42,272 39,992

Asinthepreviousyear,thefigurefordepreciationonintangibleassetsandtangibleassetsdoesnotincludeanyextraordinarywrite-downsinthereportingperiod.

Other operating expenses include administrative and organisational costs, advertis-ing,costofpremisesaswellasthecostsoftrainingandvoluntarysocialbenefits.TheexpensesarisingfromforeignexchangedifferencesisvaluedatT¤6,025(previousyear:T¤1,426).ThehighercostsprincipallyresultfromthecurrencyconversionofUSdollarsandSwissfrancs.Thisisoff-setbyincomefromforeignexchangedifferencesamountingtoT¤763(previousyear:T¤2,941)(seeNote(28)).

Thefinancialresultismadeupasfollows:

Expenses Income Balance

in ¤ ‘000 2017 2016 2017 2016 2017 2016

Resultfromcashandcapitalinvestments –283 –279 1,115 1,628 832 1,349

Resultfromon-balancesheetandothertransactionsnotrelatingtofinancialassets –1,335 –1,517 98 65 –1,237 –1,452

Financial result –1,618 –1,796 1,213 1,693 –405 –103

Thechangesintheresultfromon-balancesheetandothertransactionsnotrelatingtofinancialassetsaredueto,amongotherthings,interestrateeffectsofcompoundingnon-currentaccruals.

ThisincludestradetaxandcorporationtaxaswellastheequivalentnationaltaxesoftheconsolidatedcompaniestothevalueofT¤77,860(previousyear:T¤68,129),ofwhichtaxexpensesofT¤3,846isattributabletotaxesnotapplyingtothatreport-ingperiod(previousyear:taxexpensesofT¤403).ThisismainlyaresultofthetaxauditofFielmannAktiengesellschaftfortheyears2014and2015,theimpactofwhichwasalsorecordedin2017fortheyears2016and2017.

The income tax-relatedexpenditureof individualGroup companiesdecreasedbyT¤382throughtheuseoflosscarry-forwards(previousyear:T¤262).ThisitemincludesthedeferredtaxincomeintheGroupofT¤2,070(previousyear:deferredtaxexpenditureofT¤2,131).MoredetailscanbefoundinNote(39)oftheNotestotheaccounts.

(32) Other operating

expenses

(33) Financial result

(34) Taxes on income

and earnings

(31) Depreciation

114Annualreport2017

NOTES

Earningspersharedevelopedasfollows:

2017¤ ‘000

2016¤ ‘000

Netprofitfortheyear 172,853 171,218

Incomeattributabletoothershareholders –5,226 –4,910

Profits to be allocated to parent company shareholders

167,627

166,308

Numberofshares(‘000)Units 83,997 83,995

Earnings per share in ¤ (diluted/basic) 2,00

1,98

Therewasnodilutionofearnings.

Non-controllingshareholdersaccountforT¤5,504(previousyear:T¤5,177)oftheprofitsandT¤278(previousyear:T¤267)ofthelosses.Minorityinterestsinthenetprofitfortheyearandcorrespondingdistributionsareatthediscretionofthesharehold-ers.Forthisreason,theyarestatedopenlyintheprofitandlossaccountandinthemovementinGroupequity.Asinthepreviousyear,nowithdrawalsweremadefromprofitreservesduringthefinancialyear.

ThisitemreferstoatransfertootherprofitreservesoftheGroup(T¤12,315;previousyear:T¤15,159).

ThedeferredtaxassetsonlossesbroughtforwardincreasedbyT¤1,685inthereport-ingperiod throughcorrespondingnetannual resultsor earnings forecasts (previousyear:decreaseofT¤15).

Of the deferred tax assets on losses brought forward, a total of T¤2,434 isattributabletocompaniesthatarecurrentlymakinglosses(previousyear:T¤643).The figure was reported on the basis of positive earnings forecasts, which are aresultoftheunderlyingtaxplanningandarealsosupportedbytheseunits’positiveimpairmenttests.

No deferred tax assets were stated for loss carry-forwards in the amount ofT¤8,907becauseutilisationisnotexpected(previousyear:T¤6,833).Thisfiguredoesnotincludeanylosscarry-forwardswhichareexpectedtolapsebecauseofthepassageoftime.

Deferred tax assets on temporary differences from company balance sheets,contributionprocessesintheGroupandeliminationofintra-Groupprofitsarealsoincluded.RealisationofdeferredtaxassetsduringthecomingtwelvemonthsislikelytoamounttoT¤9,451(previousyear:T¤8,357),whilerealisationofdeferredtaxliabilitieswillprobablyamounttoT¤4,134(previousyear:T¤2,781).

(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 profit

reserves

(39) Deferred taxes

Annualreport2017115

NOTES

Deferredtaxesareconstitutedasfollows:

31.12.2017 31.12.2016

Deferred taxes

¤ ‘000Asset

¤ ‘000Liability

¤ ‘000Asset

¤ ‘000Liability

a)ondeductibledifferences –fromcompanyaccounts 2,825 3,063 2,475 2,383–fromHGBII 11,081 12,138 10,421 12,239–fromconsolidation 2,784 993 2,530 1,052

b)onlosscarryforwards 2,727 1,042 19,417 16,194 16,468 15,674

Reconciliation to balance sheet value NettingeffectinaccordancewithIAS12.71ff –6,731 –6,731 –7,244 –7,244Deferred tax assets and liabilities according to the balance sheet 12,686 9,463 9,224 8,430

Thedeferredtaxesareaddedtotheindividualbalancesheetitems:

31.12.2017 31.12.2016

¤ ‘000Asset

¤ ‘000Liability

¤ ‘000Asset

¤ ‘000Liability

Intangibleassets 2,623 8,069 2,135 7,169Tangibleassets 2,029 262 1,832 266Financialassets 19 289 256 268Inventories 8,240 2,551 7,702 2,774Non-financialassets 2,286 2,384Accruals 3,158 1,264 3,286 1,219OutsideBasisDifferences 604 651Losscarryforwards 2,727 1,042 Specialreserves 869 909Other 621 215 34

19,417 16,194 16,468 15,674

Reconciliation to balance sheet value NettingeffectinaccordancewithIAS12.71ff. –6,731 –6,731 –7,244 –7,244Deferred tax assets and liabilities according to the balance sheet 12,686 9,463 9,224 8,430

116Annualreport2017

NOTES

Thetaxreconciliationisasfollows:

Tax reconciliation statement pursuant to IAS 122017

¤ ‘0002016

¤ ‘000

Earnings before taxes 248,643 241,478

Applicabletaxrate,inpercent 30,7 30,7

Expected tax expenditure 76,333 74,134

Deviationsintaxrates

Impactofforeigntaxratedifferences –4,261 –4,660

Impactofdeviationsinthetaxcalculationmethod

Thirdpartyshareofprofitexemptfromcorporationtax –858 –816

Taxesonnon-deductibleexpenditure 917 536

Othertax-freeearnings –99 –107

Tradetax-freeallowancesandothertaxadjustments 251 334

Non-periodiceffects 3,456 816

Other 51 23

Total Group tax expenditure 75,790 70,260

Theparametersforcalculatingtheexpectedtaxrateof30.7%in2017areanaveragetradetax(14.9%fromanaveragecollectionrateof425%)andcorpora-tiontaxincludingthesolidaritysurcharge(15.8%).Theparametersareunchangedcomparedwith2016.

IAS12stipulatesthatdeferredtaxesmustbecreatedonthedifferencebetweentheproratanetassetsofasubsidiaryrecordedintheconsolidatedbalancesheetandtheinvestmentbookvalueofthissubsidiaryintheparentcompany’staxbalancesheet(outsidebasisdifferences)ifrealisationisexpectedwithintwelvemonths.Withacalculationmethodof5%(Section8boftheGermanCorporationTaxAct(KStG)),therearedeferredtaxesofT¤604(previousyear:T¤651)onplanneddistributionsbysubsidiariesofT¤39,363(previousyear:T¤42,436).

Incidentally, thereareadditionaloutsidebasisdifferencesofT¤4,485on thebalancesheetdate(previousyear:T¤4,875).Realisationisnotexpectedwithintheforeseeablefuture,meaningthatrecognitionofadeferredtaxliabilityinaccordancewithIAS12.39isnotpossible.

DeferredtaxincomeofT¤11relatingtoothercomprehensiveincomewasentirelyattributabletoactuarialgainsandlossesfrompensionprovisionspursuanttoIAS19(previousyear:deferredtaxexpenditureofT¤223).

(40) Statement of the

overall result

Annualreport2017117

NOTES

Own shares amounting to T¤ 220 were deducted from equity (previous year:T¤ 357). From the Group equity generated, Fielmann Aktiengesellschaft’s profitreservesamounting toT¤232.755 (previousyear: T¤209,376)and thebalancesheetprofitofT¤155,400(previousyear:T¤151,200)areavailablefordistributiontoshareholders.Onthebalancesheetdate,theGroupequitygeneratedissubjecttoarestrictionondistributionamountingtoT¤7,124(previousyear:T¤5,331).Asinthepreviousyear,thiswasattributabletosoftwarecreatedin-houseandcapitalisedintheseparatefinancialstatementsofFielmannAktiengesellschaft(T¤6,511,previousyear:T¤4,813).Inaddition,thedifferencefromthevaluationofthepensionobliga-tionswithanactuarialinterestrateof10yearsinsteadof7issubjecttoarestrictionondistribution (T¤613,previousyear:T¤519).Onceagain, the freelyavailablereservesexceedthisamountinthereportingyear.

The distributions during the financial year of T¤ 151,112 (previous year:T¤146,949)(excludingthedividendforownshares)werebasedonadividendof¤1.80pershare(previousyear:¤1.75pershare).

Thechanges toconsolidatedequity from the restof the resultweredue to theforeignexchangeequalisationitemaswellasduetoactuarialgainsandlossesfrompension provisions pursuant to IAS 19. The valuation results in total deferred taxexpenditureamountingtoT¤685(previousyear:T¤696).

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

Thecashandcashequivalents statedatT¤172,131(previousyear:T¤114,032)compriseliquidfunds(T¤162,131;previousyear:T¤92,610)andcapitalinvestments(T¤10,000;previousyear:T¤21,422).Thesearetakenintoaccountinthecashandcashequivalents,providedtheyhavearemainingtermofuptothreemonths.

Themostsignificantitemrecognisedunderothernon-cashincomeandexpensesisexpenditure fromwrite-downsofreceivables in theamountofT¤344(previousyear: T¤994). Thereare limitations on thedisposal of liquid funds amounting toT¤7becauseoftherestrictionsimposedbythenon-profit-makingcharacterofFiel-mannAkademieSchlossPlön,gemeinnützigeBildungsstättederAugenoptikGmbH(previousyear:T¤6).

(41) Movement in

Group equity

(42) Cash flow statement

for the Fielmann Group

118Annualreport2017

NOTES

Thefollowingreconciliationisprovidedtoincreasetransparencyforthecapitalmarketandmanagementwithregardtotheextenttowhichthecashflowthatrelatestocurrentbusinessactivitiesisimpactedbyswitchingfinancialassetsfromcashandcashequivalentstootheritems:

31.12.2017 ¤ ‘000

31.12.2016 ¤ ‘000

Change

= Cash flow before increase/decrease in financial assets held for trading or to maturity 221,734 216,255 5,479

–/+Increase/decreaseinfinancialassetsheldfortradingortomaturity 65,407 2,902 62,505

= Cash flow from operating activities 287,141 219,157 67,984

Thecompositionoffinancialassetsisasfollows:

31.12.2017

¤ ‘00031.12.2016

¤ ‘000Change

Liquidfunds 162,131 92,610 69,521

Capitalinvestmentswithaspecificmaturityofupto3months 10,000 21,422 –11,422

Cash and cash equivalents 172,131 114,032 58,099

Non-currentfinancialassets 2,706 1,313 1,393

Othernon-currentfinancialassets 57,822 87,000 –29,178

Capitalinvestmentswithaspecificmaturityofmorethan3months 117,399 165,765 –48,366

Financial assets 350,058 368,110 –18,052

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

ThechangetotheliabilitiesfromFinancingActivitiesisasfollows:

31.12.2016

¤ ‘000

Cash flows

¤ ‘000

Non-cash changes

¤ ‘000

31.12.2017

¤ ‘000

Non-currentfinancialliabilities 1,605 246 7 1,858

Currentfinanciallia-bilities 166 –8 –7 151

Financial liabilities 1,771 238 0 2,009

Thenon-cashchangesarenotpresentedindetailduetothelowfigureforthisitem.

Annualreport2017119

NOTES

Inaccordancewiththeregionalstructureoftheinternalreportingsystem,SegmentReportingdistinguishesbetweenthegeographicregionsinwhichtheGroupoffersanddeliversproductsandservices.InadditiontothesegmentsofGermany,SwitzerlandandAustria,theregionsofEasternEurope,Italy,Luxembourg,theNetherlandsandPolandarecombinedinthesegment“Other”.TheGroup’sproductsandservicesdonotdifferbetweenthesegments.

Segmentrevenuesfromtransactionswithothersegmentsarenotvaluedseparatelysincethesearecommercialtransactionsonmarkettermsandconditions.

IncomeamountingtoT¤4,218correspondingtothenumberofactiveinsurancepolicieswasallocatedtothesegmentAustriaaspartoftheZero-CostInsurancepolicy(previousyear:T¤3,777).Forthepurposesofcommerciallaw,theseareallocatedtothesegmentGermany.

Inthereportingyearasinthepreviousyear,therewasnodepreciationrelatingtoimpairmentchargesforimpairmenttestingofanyCGU.

Thepre-taxresultsinthesegmentsareadjustedfortheresultsfromparticipations,whichareofminorsignificancefortheGroup.

Theallocationoflong-termsegmentassetstogeographicregionsisbasedonthecountryinwhichtherespectiveGroupcompanyislocatedandequatestothebalancesheettotalofnon-currentassetslessfinancialinstrumentsanddeferredtaxassets.

Owing to the complex internal relationships resulting from FielmannAktiengesellschaft’swholesalefunctionandthecashpoolingsystem,segmentassetsareshownwiththeirshareintheconsolidatedenterprisevalue.Notransitionalvalueisthereforederived.

InviewofthefactthattheoperatingsegmentscorrespondtotheGroupstructureundercompanylawandtheuseofincomefiguresinaccordancewithIFRS,thetran-sitionalvaluesonlyreflectintra-Groupnetting.

Retailsaleswerenotdividedintoproductgroupsbecauseopticalproductsrepre-sent94%ofthesalesinthatsegment.

Ataxaudithasledtoachangeinthetransferpricesystembetweenthenationalsubsidiaries.ThisaffectedtheresultinthesegmentsofAustria,ataroundT¤1,100andSwitzerland,ataroundT¤2,360.For2018,weanticipateareductionofapproxT¤2,250intheAustriasegmentandapprox.T¤5,100intheSwitzerlandsegment.ThiscontrastswithcorrespondingincomeinthefinancialyearandthefollowingyearintheGermanysegment.

(43) Segment Reporting

120Annualreport2017

NOTES

V. Information on related parties (IAS 24)

AsChairmanofFielmannAktiengesellschaft,GüntherFielmannisdeemedtobearelatedpartybecauseheholds,eitherindirectlyordirectly,orcontrolsthemajorityofthesharesinFielmannAktiengesellschaftviaFielmannFamilienstiftung.AswellastheemolumentsforhisactivitiesasChairman(seeNote(30))andpaymentofdividendsfromthesharesheholds,nofurtherpaymentsweremadetoGüntherFielmannapartfromthoselistedbelow.

Inaddition,GüntherFielmannhasadirectorindirectinterestinorexercisescontroloverthefollowingcompanies,whichfromtheviewpointofFielmannAktiengesellschaftcanbeclassifiedasrelatedparties:

–KORVASE(TochtergesellschaftderFielmannFamilienstiftung)–FielmannINTER-OPTIKGmbH&Co.KG–MPAPharmaGmbH–HofLütjensee-HofladenGmbH&Co.oHG–GutSchierensee–VariouspropertymanagementcompaniesDuringthe2017financialyearandthepreviousyear,FielmannAktiengesellschaft

anditsGroupcompaniespurchasedandprovidedbothgoodsandservicesaswellas rentingand leasingoutpremises.PremisesusedbyGroupcompaniesessentiallyencompass24stores(previousyear:24stores).Thecorrespondingpurchaseandrentalagreementswereconcludedoncustomarymarketterms.Alltransactionsweresettledinthecontextofthenormalpaymentplans(normally30days).

ThetransactionslistedbelowaremainlyattributabletotheexchangeofgoodsandserviceswithFielmannAktiengesellschaft.

2017 2016

in ¤ ‘000Günther

FielmannRelated parties

Günther Fielmann

Related parties

Services Transactions 584 1,353Leases 155 3,071 106 2,987

155 3,655 106 4,340

2017 2016

in ¤ ‘000Günther

FielmannRelated parties

Günther Fielmann

Related parties

Services 693 212 742 163

Transactions 26 27

Leases 31 107 31 74

724 345 773 264

Transactions by Fielmann

Aktiengesellschaft and Group

companies with Günther Fielmann

and related parties

Transactions by Günther Fielmann

and related parties with

Fielmann Aktiengesellschaft

and Group companies

Annualreport2017121

NOTES

Auditor’s fees

2017 2016

Balances as at 31.12. in ¤ ‘000

Günther Fielmann

Related parties

Günther Fielmann

Related parties

Receivables 73 52 31

Liabilities 466 3 343

TheSupervisoryBoardandManagementBoardcontinue tobedeemed toberelatedparties.Totalemolumentsoftheemployeerepresentativesreceivedinconnec-tionwiththeemploymentrelationshipamountedtoT¤469(previousyear:T¤460).The remuneration of the Supervisory Board in the financial year totalled T¤ 880(previousyear:T¤844).TheremunerationoftheManagementBoardispresentedinNote30.

VI. Other information

Staff as at balance sheet date Average staff number for year

2017 2016 2017 2016

Employees(excludingtrainees) 15,105 14,683 14,933 14,498

ofwhom –EmployeesinGermany 12,379 12,075 12,251 11,916

–EmployeesinSwitzerland 1,183 1,170 1,169 1,167

–EmployeesinAustria 646 636 651 631

–Otheremployees 897 802 862 784

Trainees 3,417 3,190 3,220 3,051

Total employees 18,522 17,873 18,153 17,549

Employeescalculatedasfull-timeequivalent 13,496 13,130 13,262 12,910

The feescharged forauditingservices forfinancialyear2017amount toT¤195(previousyear:T¤262).AdditionalexpensesforotherservicesamountedtoT¤10(previousyear:noadditionalexpenses).TheGroupauditorsdidnotsupplytaxationadviceandotherassuranceservices.

The declaration of compliance required under Section 161 of the German StockCorporationAct(AktG)wasissuedbytheManagementandSupervisoryBoardsandispermanentlymadeavailable.Itcanbeaccessedontheinternetatwww.fielmann.com.TheremunerationreportisprintedintheManagementReport.

German Corporate

Governance Code

122Annualreport2017

NOTES

Supervisory Board

ShareholderRepresentatives

Employeerepresentatives

Management Board

Information on the bodies of the Company

GüntherFielmann ChiefExecutiveOfficer,CorporateStrategy;LütjenseeMichaelFerley MaterialsManagementandProduction,Potsdam, since1July2017MarcFielmann Marketing,HamburgDr.BastianKörber Sales,HamburgGünterSchmid MaterialsManagementandProduction,Kummerfeld,

until30June2017Dr.StefanThies IT,ControllingandHumanResources,HamburgGeorgAlexanderZeiss FinanceandProperties,Ahrensburg

Prof.Dr.MarkK.Binz Lawyer,Binz&Partner,Stuttgart ChairmanoftheSupervisoryBoard1,2,3

Hans-GeorgFrey ExecutiveOfficerofJungheinrichAG,Hamburg1,3

CarolinaMüller-Möhl President,Müller-MöhlGroup,Zurich,Switzerland

HansJoachimOltersdorf ManagingPartnerofMPAPharmaGmbH,Rellingen1

Marie-ChristineOstermann ManagingDirectorofRullkoGroßeinkaufGmbH&Co.KG, Hamm

PierPaoloRighi CEOandPresidentKarlLagerfeldInternationalB.V.,Amsterdam, Netherlands3

Hans-OttoSchrader ChairmanoftheSupervisoryBoard,OTTOAGfürBeteiligungen, Hamburg

JuliaWöhlke ManagingDirector,IwanBudnikowskyGmbH&Co.KG, Hamburg2

MathiasThürnau ChairmanoftheWorksCouncil,CommercialAssistantat FielmannAG,DeputyChairpersonoftheSupervisoryBoard, Hamburg1,2

HeikoDiekhöhner RegionalManagerofFielmannAG,HamburgJanaFurcht MasterOpticianatFielmannAG&Co.OHG,Munich2

RalfGreve ManagerDevelopmentCourseInstructoratFielmannAG, Hamburg1

FredHaselbach MasterOpticianatFielmannAG&Co.OHG,LübeckPetraOettle Optician’sAssistantatFielmannAG&Co.oHG,Ulm1

EvaSchleifenbaum Tradeunionsecretaryofver.di,BerlinFrankSchreckenberg Tradeunionsecretary,ver.di,Kiel

1MemberoftheHRCommittee2MemberoftheMediationCommittee3MemberoftheNominationCommittee

Annualreport2017123

NOTES

1Memberofstatutorilyrequiredsupervisoryboard2Memberofcomparabledomesticorinternationalsupervisorybodyofabusinessenterprise

These members of the

Supervisory Board are also

active in the following

Supervisory bodies

Prof.Dr.MarkK.Binz

DeputyChairmanoftheSupervisoryBoardofFaber-CastellAG,Stein1

MemberoftheSupervisoryBoardofSickAG,Waldkirch1

Hans-GeorgFrey MemberoftheAdvisorycouncilofHOYERGmbH,Hamburg2

CarolinaMüller-Möhl

MemberoftheAdvisoryBoardofOrascomDevelopmentHoldingAG,Altdorf, Switzerland2

MemberoftheAdvisoryBoardofNeueZürcherZeitung,Zurich,Switzerland2

HansJoachimOltersdorf

ChairmanoftheAdvisoryCouncilofParteGmbH,Cologne2

Hans-OttoSchraderChairmanoftheSupervisoryBoard,OttoAGfürBeteiligungen,Hamburg2

MemberoftheBoardofPartnersofOttoGmbH&CoKG,Hamburg2

MemberoftheSupervisoryBoardofthemanagementcompanyOttombH,Hamburg2

ChairmanoftheAdvisoryCouncilofSystainConsultingGmbH,Hamburg2

MemberoftheAdvisoryCouncilofDr.AugustOetkerKG,Bielefeld2

MemberoftheAdvisoryCouncilofAdolfWürthGmbH&Co.KG,Künzelsau2

MemberoftheExecutiveCommitteeofPfeifer&LangenIndustrie-undHandels-KG,Cologne2

JuliaWöhlke

MemberoftheSupervisoryBoardofHamburgerVolksbanke.G.,Hamburg2

MemberoftheSupervisoryBoardofHamburgerGesellschaftfürVermögens-undBeteiligungsmanagementmbH(HGV),Hamburg2

124Annualreport2017

NOTES

Management, holding and service companies Groupshareofthecapitalinpercent

Name Location1 Share Name Location1 Share

Production and trading companies Groupshareofthecapitalinpercent


Stores Groupshareofthecapitalinpercent


Fielmann Aktiengesellschaft, HamburgShareholdings and consolidated companies as at 31 December 2017 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 100FielmannBeteiligungsgesellschaftmbH Hamburg 100FielmannFinanzserviceGmbH Hamburg 100FielmannVenturesGmbH Hamburg 100FielmannVerwaltungs-undBeteiligungsGmbH Hamburg 100HIDHamburgerImmobiliendiensteGmbH Hamburg 100opt-investGmbH&Co.OHG2,3 Hamburg 100opt-InvestVerwaltungs-undBeteiligungsGmbH Hamburg 100ROKKUDesignstudioGmbH6 Hamburg 100

RAOptikaAG Kiev,Ukraine 100OptikHessGmbH Köln-Dellbrück 100FielmannLtd. London,

Großbritannien 100GrupoEmpresarialFielmannEspanaS.A. Madrid,Spanien 100OptikKlüttermannVerwaltungsGmbH Mönchengladbach 100FielmannHoldingB.V. Oldenzaal,

Niederlande 100FielmannAkademieSchlossPlön,gemeinnützigeBildungsstättederAugenoptikGmbH2 Plön 100FielmannSchlossPlönHotel-undCateringGmbH Plön 100BeteiligungsgesellschaftfielmannModebrillenRathenowGmbH Rathenow 100RathenowerOptischeWerkeGmbH Rathenow 100FielmannSchweizAG St.Gallen,Schweiz 100

FielmannAG&Co.amKugelbrunnenKG Aachen 100

FielmannAG&Co.OHG Aalen 100

FielmannAG&Co.OHG4 Achern 100

FielmannAG&Co.OHG(vormalsfielmann-opticFielmannGmbH&Co.OHG) Achim 100

FielmannAugenoptikAG&Co.OHG Ahaus 100

FielmannAG&Co.KG Ahlen 100

FielmannAG&Co.OHG Ahrensburg 100

FielmannAG&Co.OHG Albstadt-Ebingen 100

FielmannAG&Co.KG Alsfeld 100

FielmannAG&Co.KG Altenburg 100

FielmannAG&Co.KG Alzey 100

FielmannAugenoptikAG&Co.oHG Amberg 100

FielmannAG&Co.oHG Andernach 100

FielmannAG&Co.KG Annaberg-Buchholz 100

FielmannAG&Co.OHG Ansbach 100

FielmannAG&Co.KG Arnsberg-Neheim 100

FielmannAG&Co.KG Arnstadt 100

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

RathenowerOptikGmbH3 Rathenow 100OTROberflächentechnikGmbH Rathenow 100

Annualreport2017125

NOTES



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

FielmannAG&Co.CityGalerieOHG Aschaffenburg 100

FielmannAG&Co.oHG Aschaffenburg 100

FielmannAG&Co.oHG Aschersleben 100

FielmannAG&Co.KG Aue 100

FielmannAG&Co.KG Auerbach/Vogtland 100

FielmannAG&Co.imCentrumOHG Augsburg 100

FielmannAG&Co.oHGCity-Galerie Augsburg 100

FielmannAugenoptikAG&Co.oHG Aurich 100

FielmannAG&Co.KG Backnang 100

FielmannAG&Co.OHG4 BadDürkheim 100

FielmannAG&Co.oHG BadHersfeld 100

FielmannAG&Co.oHG BadHomburg 100

FielmannAG&Co.KG BadKissingen 100

FielmannAG&Co.oHG BadKreuznach 100

FielmannAG&Co.KG BadMergentheim 100

FielmannAG&Co.oHG BadNeuenahr-Ahrweiler 100

FielmannAG&Co.OHG4 BadNeustadt/Saale 100

FielmannAG&Co.oHG BadOeynhausen 100

FielmannAG&Co.KG BadOldesloe 100

FielmannAG&Co.KG BadReichenhall 100

FielmannAG&Co.KG BadSalzuflen 100

FielmannAG&Co.KG BadSaulgau 100

FielmannAG&Co.OHG BadSegeberg 100

FielmannAG&Co.OHG BadTölz 100

FielmannAG&Co.OHG Baden-Baden 100

FielmannAG&Co.KG Balingen 100

FielmannAG&Co.OHG Bamberg 100

FielmannAG&Co.OHG Barsinghausen 100

FielmannAG Basel,Schweiz 100

Pro-optikAG Basel,Schweiz 100

FielmannAG&Co.OHG Bautzen 100

FielmannAG&Co.OHG Bayreuth 100

FielmannAG&Co.OHG Beckum 100

FielmannAG&Co.OHG Bensheim 100

FielmannAG&Co.oHG Bergheim 100

FielmannAG&Co.oHG BergischGladbach 100

FielmannAG&Co.Berlin-HellersdorfOHG Berlin 100

FielmannAG&Co.Berlin-ZehlendorfOHG Berlin 100

FielmannAG&Co.FriedrichshagenOHG Berlin 100

FielmannAG&Co.FriedrichshainOHG Berlin 100

FielmannAG&Co.Gesundbrunnen-CenterKG Berlin 100

FielmannAG&Co.GropiusPassagenOHG Berlin 100

FielmannAG&Co.imAlexaKG Berlin 100

FielmannAG&Co.KreuzbergKG Berlin 100

FielmannAG&Co.Linden-CenterKG Berlin 100

FielmannAG&Co.MärkischesZentrumKGBerlin 100

FielmannAG&Co.MarzahnOHG Berlin 100

FielmannAG&Co.MoabitKG Berlin 100

FielmannAG&Co.NeuköllnKG Berlin 100

FielmannAG&Co.oHGTegel Berlin 100

FielmannAG&Co.PankowOHG Berlin 100

FielmannAG&Co.PrenzlauerBergOHG Berlin 100

FielmannAG&Co.SchöneweideOHG Berlin 100

FielmannAG&Co.SpandauOHG Berlin 100

FielmannAG&Co.SteglitzOHG Berlin 100

FielmannAG&Co.TempelhofOHG Berlin 100

FielmannAG&Co.TreptowKG Berlin 100

FielmannAG&Co.WeißenseeKG Berlin 100

FielmannAG&Co.WestendKG Berlin 100

FielmannAG&Co.WilmersdorfKG Berlin 100

FielmannAG&Co.OHG Bernau 100

FielmannAG&Co.OHG Bernburg 100

126Annualreport2017

NOTES

FielmannAG&Co.OHG BiberachanderRiß 100

FielmannAG&Co.JahnplatzKG Bielefeld 100

FielmannAG&Co.OHG Bielefeld 100

FielmannAG&Co.BrackwedeKG Bielefeld-Brackwede 100

FielmannAG&Co.oHG Bietigheim-Bissingen 100

FielmannAG&Co.KG BingenamRhein 100

FielmannAugenoptikAG&Co.OHG Bitburg 100

FielmannAG&Co.OHG Bitterfeld 100

FielmannAG&Co.oHG Böblingen 100

FielmannAG&Co.OHG Bocholt 100

FielmannAG&Co.OHG Bochum 100

FielmannAG&Co.WattenscheidKG Bochum 100

FielmannSrl Bolzano 100

FielmannAG&Co.Bonn-BadGodesbergOHG Bonn 100

FielmannAG&Co.oHG Bonn 100

fielmann-opticFielmannGmbH&Co.KG Bonn 50,98

FielmannAugenoptikAG&Co.OHG Borken 100

FielmannAG&Co.OHG Bottrop 100

FielmannAugenoptikAG&Co.KG(vormalsfielmann-opticFielmannGmbH&Co.OHG) Brake 75

FielmannAG&Co.OHG Bramsche 100

FielmannAG&Co.OHG Brandenburg 100

FielmannAG&Co.Schloss-ArkadenKG Braunschweig 100

FielmannAG&Co.OHG Braunschweig 100

FielmannAG&Co.ObernstraßeOHG(vormalsFielmannAG&Co.KG) Bremen 100

FielmannAG&Co.oHGBremen-Neustadt Bremen 100

FielmannAG&Co.Roland-CenterKG Bremen 100

FielmannAG&Co.VegesackOHG Bremen 100

FielmannAG&Co.WeserparkOHG Bremen 100

FielmannAugenoptikAG&Co.OHG Bremerhaven 100

FielmannAG&Co.OHG Bretten 100

FielmannAG&Co.OHG Bruchsal 100

FielmannAG&Co.oHG Brühl 100

FielmannAG&Co.OHG Brunsbüttel 100

FielmannAG&Co.oHG Buchholz 100

FielmannAG&Co.KG Bünde 100

FielmannAG&Co.OHG Burg 100

FielmannAG&Co.OHG Burgdorf 100

FielmannAG&Co.OHG Buxtehude 100

FielmannAG&Co.KG Calw 100

FielmannAG&Co.oHG Castrop-Rauxel 100

FielmannAG&Co.OHG Celle 100

FielmannAG&Co.OHG Cham 100

FielmannAG&Co.OHG Chemnitz 100

FielmannAG&Co.Vita-CenterKG Chemnitz 100

FielmannAG&Co.oHG Cloppenburg 100

FielmannAG&Co.OHG Coburg 100

FielmannAG&Co.OHG Coesfeld 100

FielmannAG&Co.oHG Cottbus 100

FielmannAG&Co.OHG Crailsheim 100

FielmannAG&Co.OHG Cuxhaven 100

FielmannAG&Co.oHG Dachau 100

FielmannAG&Co.OHG Dallgow-Döberitz 100

FielmannAG&Co.KG Darmstadt 100

FielmannAG&Co.oHGLudwigsplatz Darmstadt 100

FielmannAG&Co.KG Datteln 100

FielmannAG&Co.oHG Deggendorf 100

FielmannAG&Co.OHG(vormalsfielmann-opticFielmannGmbH&Co.OHG) Delmenhorst 100

FielmannAG&Co.OHG Dessau-Roßlau 100

FielmannAG&Co.oHGKavalierstraße Dessau-Roßlau 100

FielmannAG&Co.OHG Detmold 100

fielmann-opticFielmannGmbH&Co.OHG Diepholz 100

FielmannAG&Co.oHG Dillingen 100

FielmannAG&Co.KG Dingolfing 100

FielmannAG&Co.OHG Dinslaken 100

FielmannAG&Co.OHG Döbeln 100

BaurOptikAG&Co.KG Donauwörth 100

FielmannAG&Co.oHG Dormagen 100

FielmannAG&Co.KG Dorsten 100



Annualreport2017127

NOTES

FielmannAG&Co.KG Dortmund 100

FielmannAG&Co.DresdenAltstadtOHG Dresden 100

FielmannAG&Co.DresdenNeustadtOHG Dresden 100

FielmannAG&Co.KaufparkKG Dresden 100

FielmannAG&Co.HambornKG Duisburg 100

FielmannAG&Co.imCentrumOHG Duisburg 100

FielmannAG&Co.OHG Dülmen 100

FielmannAG&Co.OHG Düren 100

FielmannAG&Co.DerendorfOHG Düsseldorf 100

FielmannAG&Co.FriedrichstraßeOHG Düsseldorf 100

FielmannAG&Co.imCentrumKG Düsseldorf 100

FielmannAG&Co.OberkasselOHG Düsseldorf 100

FielmannAG&Co.RethelstraßeOHG Düsseldorf 100

fielmann-opticFielmannGmbH&Co.KG Düsseldorf 60

FielmannAG&Co.OHG Eberswalde 100

FielmannAG&Co.OHG Eckernförde 100

FielmannAG&Co.oHG Ehingen 100

FielmannAG&Co.OHG Eisenach 100

FielmannAG&Co.OHG Eisenhüttenstadt 100

FielmannAG&Co.oHG Elmshorn 100

FielmannAG&Co.OHG Emden 100

FielmannAG&Co.OHG Emmendingen 100

FielmannAG&Co.KG Emsdetten 100

FielmannAG&Co.OHG Erding 100

FielmannAG&Co.OHG Erfurt 100

FielmannAG&Co.Thüringen-ParkOHG Erfurt 100

FielmannAG&Co.OHG Erkelenz 100

FielmannAG&Co.imCentrumOHG Erlangen 100

FielmannAG&Co.OHG Erlangen 100

FielmannAG&Co.KG Eschwege 100

FielmannAG&Co.OHG Eschweiler 100

FielmannAG&Co.EKZLimbeckerPlatzKG Essen 100

FielmannAG&Co.Essen-RüttenscheidOHG Essen 100

FielmannAG&Co.ZentrumKG Essen 100

FielmannAG&Co.Essen-SteeleOHG Essen-Steele 100

FielmannAG&Co.OHG Esslingen 100

Brillen-BunzelGmbH Ettlingen 100

FielmannAG&Co.oHG Ettlingen 100

FielmannAG&Co.oHG Euskirchen 100

FielmannAG&Co.oHG Eutin 100

FielmannAG&Co.OHG Finsterwalde 100

FielmannAG&Co.OHG Flensburg 100

FielmannAG&Co.OHG Forchheim 100

FielmannAG&Co.OHG Frankenthal 100

FielmannAG&Co.OHG Frankfurt(Oder) 100

FielmannAG&Co.BornheimKG FrankfurtamMain 100

FielmannAG&Co.Hessen-CenterOHG FrankfurtamMain 100

FielmannAG&Co.HöchstOHG FrankfurtamMain 100

FielmannAG&Co.LeipzigerStraßeOHG FrankfurtamMain 100

FielmannAG&Co.RoßmarktOHG FrankfurtamMain 100

FielmannAG&Co.oHG Frechen 100

FielmannAG&Co.OHG Freiberg 100

FielmannAG&Co.oHG FreiburgimBreis-gau 100

FielmannAG&Co.oHG Freising 100

FielmannAG&Co.OHG Freital 100

FielmannAG&Co.KG Freudenstadt 100

FielmannAG&Co.OHG Friedberg(Hessen) 100

FielmannAG&Co.KG Friedrichshafen 100

FielmannAG&Co.OHG Fulda 100

FielmannAG&Co.OHG Fürstenfeldbruck 100

FielmannAG&Co.OHG Fürstenwalde 100

FielmannAG&Co.KG Fürth 100

FielmannAG&Co.KG Garmisch-Parten-kirchen 100

FielmannAG&Co.OHG Geesthacht 100

FielmannAG&Co.KG GeislingenanderSteige 100

FielmannAG&Co.OHG Geldern 100

FielmannAG&Co.OHG Gelnhausen 100

FielmannAG&Co.imCentrumKG Gelsenkirchen 100



128Annualreport2017

NOTES

FielmannAG&Co.BuerOHG Gelsenkirchen 100

FielmannAG&Co.KG Gera 100

FielmannAG&Co.oHG Gießen 100

FielmannAG&Co.OHG Gifhorn 100

FielmannAG&Co.KG Gladbeck 100

FielmannAG&Co.OHG Glinde 100

FielmannAG&Co.KG Goch 100

FielmannAG&Co.OHG Göppingen 100

FielmannAG&Co.CentrumKG Görlitz 100

FielmannAG&Co.OHG Goslar 100

FielmannAG&Co.OHG Gotha 100

FielmannAG&Co.OHG Göttingen 100

FielmannAG&Co.OHG Greifswald 100

FielmannAG&Co.OHG Greiz 100

FielmannAG&Co.OHG Greven 100

FielmannAG&Co.OHG Grevenbroich 100

FielmannAG&Co.KG Grimma 100

FielmannAG&Co.OHG Gronau 100

FielmannAG&Co.OHG Gummersbach 100

FielmannAG&Co.oHG Günzburg 100

FielmannAG&Co.PferdemarktOHG Güstrow 100

FielmannAG&Co.OHG Gütersloh 100

FielmannAG&Co.OHG Hagen 100

FielmannAG&Co.OHG Halberstadt 100

FielmannAG&Co.OHG Halle 100

FielmannAG&Co.Halle-NeustadtOHG(vormalsFielmannAugenoptikAG&Co.Halle-NeustadtOHG) Halle-Neustadt 100

FielmannAG&Co.OHG HalternamSee 100

FielmannAG&Co.BillstedtKG Hamburg 100

FielmannAG&Co.BramfeldKG Hamburg 100

FielmannAG&Co.EimsbüttelOHG Hamburg 100

FielmannAG&Co.EKZHamburgerStraßeKG Hamburg 100

FielmannAG&Co.EppendorfKG Hamburg 100

FielmannAG&Co.HarburgSandOHG Hamburg 100

FielmannAG&Co.imAlstertal-EinkaufszentrumOHG Hamburg 100

FielmannAG&Co.imElbe-EinkaufszentrumOHG Hamburg 100

FielmannAG&Co.BergedorfOHG Hamburg 100

FielmannAG&Co.OchsenzollOHG Hamburg 100

FielmannAG&Co.oHGBarmbek Hamburg 100

FielmannAG&Co.oHGNiendorf Hamburg 100

FielmannAG&Co.oHGSchnelsen Hamburg 100

FielmannAG&Co.OthmarschenOHG Hamburg 100

FielmannAG&Co.OttensenOHG Hamburg 100

FielmannAG&Co.RahlstedtOHG Hamburg 100

FielmannAG&Co.RathausOHG Hamburg 100

FielmannAG&Co.VolksdorfOHG Hamburg 100

FielmannAG&Co.WandsbekOHG Hamburg 100

FielmannAugenoptikAG&Co.oHGHarburg-City Hamburg 100

fielmannFarmsenFielmannGmbH&Co.KG Hamburg 50

OptikerCarlGmbH Hamburg 100

FielmannAG&Co.KG Hameln 100

FielmannAG&Co.KG Hamm 100

FielmannAG&Co.OHG Hanau 100

FielmannAG&Co.OHG Hann.Münden 100

FielmannAG&Co.Ernst-August-GalerieKG Hannover 100

FielmannAG&Co.ListerMeileOHG Hannover 100

FielmannAG&Co.NordstadtOHG Hannover 100

FielmannAG&Co.OHG Hannover 100

FielmannAG&Co.SchwarzerBärOHG Hannover 100

FielmannAG&Co.OHG Haßloch 100

FielmannAG&Co.OHG Hattingen 100

FielmannAG&Co.OHG Heide 100

FielmannAG&Co.KG Heidelberg 100

FielmannAG&Co.OHG Heidenheim 100

FielmannAG&Co.oHG Heilbronn 100

FielmannAG&Co.oHG Heinsberg 100

FielmannAG&Co.oHG Helmstedt 100



Annualreport2017129

NOTES

FielmannAG&Co.OHG Herborn 100

FielmannAG&Co.KG Herford 100

FielmannAG&Co.KG Herne 100

FielmannAG&Co.oHGimCentrum Herne 100

FielmannAG&Co.OHG Herrenberg 100

FielmannAG&Co.KG Herten 100

FielmannAG&Co.oHG Hilden 100

FielmannAG&Co.OHG Hildesheim 100

FielmannAG&Co.OHG Hof 100

FielmannAG&Co.OHG Homburg/Saar 100

FielmannAugenoptikAG&Co.OHG Höxter 100

FielmannAG&Co.OHG Hoyerswerda 100

FielmannAG&Co.oHG Husum 100

FielmannAG&Co.OHG Ibbenbüren 100

FielmannAG&Co.oHG Idar-Oberstein 100

FielmannAG&Co.OHG Ilmenau 100

FielmannAG&Co.OHG Ingolstadt 100

FielmannAG&Co.EKZWestparkOHG Ingolstadt 100

FielmannAG&Co.oHG Iserlohn 100

FielmannAG&Co.OHG Itzehoe 100

FielmannAG&Co.OHG Jena 100

FielmannAG&Co.OHG Jülich 100

FielmannAG&Co.OHG Kaiserslautern 100

FielmannAG&Co.OHG Kamen 100

FielmannAG&Co.KG Kamp-Lintfort 100

FielmannAG&Co.WestlicheKaiserstraßeKG Karlsruhe 100

FielmannAG&Co.OHG Kassel 100

FielmannAG&Co.imDEZOHG Kassel 100

FielmannAG&Co.OHG Kaufbeuren 100

FielmannAG&Co.OHG Kempen 100

FielmannAG&Co.oHG Kempten 100

FielmannAG&Co.OHG Kiel 100

FielmannAG&Co.oHGWellingdorf Kiel 100

FielmannGmbH Kiev,Ukraine 100

FielmannAG&Co.oHG KirchheimunterTeck 100

FielmannAG&Co.KG Kleve 100

FielmannAG&Co.ForumMittelrheinOHG Koblenz 100

FielmannAG&Co.OHG Koblenz 100

FielmannAG&Co.BarbarossaplatzOHG Köln 100

FielmannAG&Co.EbertplatzKG Köln 100

FielmannAG&Co.MülheimOHG Köln 100

FielmannAG&Co.OHG Köln 100

FielmannAG&Co.oHGKalk Köln 100

FielmannAG&Co.oHGRhein-Center Köln 100

FielmannAG&Co.SchildergasseOHG Köln 100

FielmannAG&Co.VenloerStraßeOHG Köln 100

OptikSimonGmbH Köln 100

FielmannAG&Co.ChorweilerKG Köln-Chorweiler 100

OptikHessGmbH&Co.KG Köln-Dellbrück 100

BrillenMüllerGmbH&Co.OHG7 Konstanz 100

FielmannAG&Co.OHG Konstanz 100

FielmannAG&Co.OHG Korbach 100

FielmannAG&Co.KG Köthen 100

FielmannAG&Co.NeumarktKG Krefeld 100

FielmannAG&Co.OHG Kulmbach 100

FielmannAugenoptikAG&Co.OHG Laatzen 100

FielmannAG&Co.oHG Lahr 100

fielmannFielmannGmbH Landau 65

FielmannAG&Co.OHG Landshut 100

FielmannAG&Co.OHG Langenfeld 100

FielmannAG&Co.OHG Langenhagen 100

FielmannAG&Co.KG LaufanderPegnitz 100

FielmannAG&Co.oHG Leer 100

FielmannAG&Co.amMarktOHG Leipzig 100

FielmannAG&Co.oHGAlleeCenter Leipzig 100

FielmannAG&Co.Paunsdorf-CenterOHG Leipzig 100

FielmannAG&Co.KG Lemgo 100

FielmannAG&Co.OHG Lengerich 100



130Annualreport2017

NOTES

FielmannAG&Co.OHG Leverkusen 100

FielmannAG&Co.oHG Limburg 100

FielmannAG&Co.OHG Lingen 100

FielmannAG&Co.OHG Lippstadt 100

fielmann-opticFielmannGmbH&Co.KG Lohne 61,54

FielmannAG&Co.OHG LohramMain 100

FielmannAG&Co.oHG Lörrach 100

FielmannAG&Co.KG Lübbecke 100

FielmannAG&Co.OHG Lübeck 100

FielmannAG&Co.KG Luckenwalde 100

FielmannAG&Co.oHG Lüdenscheid 100

FielmannAG&CoimCenterKG Ludwigsburg 100

FielmannAG&Co.oHG Ludwigsburg 100

FielmannAG&Co.Rhein-GalerieKG Ludwigshafen 100

FielmannAG&Co.oHG Lüneburg 100

FielmannAG&Co.OHG Lünen 100

FielmannAG&Co.oHG LutherstadtEisleben 100

FielmannAG&Co.OHG LutherstadtWitten-berg 100

FielmannGmbH Luxembourg,Luxemburg 51

FielmannAG&Co.OHG Magdeburg 100

FielmannAG&Co.SudenburgOHG Magdeburg 100

FielmannAG&Co.OHG Mainz 100

FielmannAG&Co.OHG Mannheim 100

FielmannAG&Co.OHG Marburg 100

FielmannAG&Co.KG Marktredwitz 100

FielmannAG&Co.KG Marl 100

FielmannAugenoptikAG&Co.OHG Mayen 100

FielmannAG&Co.oHG Meiningen 100

FielmannAG&Co.OHG Meißen 100

FielmannAG&Co.OHG4 Melle 100

FielmannAugenoptikAG&Co.KG Memmingen 50,1

FielmannAG&Co.OHG Menden 100

FielmannAG&Co.OHG Meppen 100

FielmannAG&Co.oHG Merseburg 100

FielmannAG&Co.OHG Merzig 100

FielmannAG&Co.OHG Meschede 100

FielmannAG&Co.oHG Minden 100

IBFielmannGmbH Minsk,Weißrussland 100

FielmannAG&Co.OHG Moers 100

FielmannAG&Co.OHG Mölln 100

FielmannAG&Co.oHGHindenburgstraße Mönchengladbach 100

FielmannAG&Co.RheydtoHG Mönchengladbach 100

FielmannAG&Co.KG Mosbach 100

FielmannAG&Co.OHG Mühldorfa.Inn 100

FielmannAG&Co.OHG Mühlhausen 100

FielmannAG&Co.OHG MülheimanderRuhr 100

FielmannAG&Co.RheinRuhrZentrumOHG

MülheimanderRuhr 100

FielmannAG&Co.HaidhausenOHG München 100

FielmannAG&Co.LeopoldstraßeOHG München 100

FielmannAG&Co.OHG München 100

FielmannAG&Co.oHGMünchenOEZ München 100

FielmannAG&Co.oHGMünchenPEP München 100

FielmannAG&Co.oHGSendling München 100

FielmannAG&Co.PasingOHG München 100

FielmannAG&Co.RiemArcadenKG München 100

FielmannAG&Co.TalKG München 100

FielmannAG&Co.HiltrupOHG Münster 100

FielmannAG&Co.KlosterstraßeOHG Münster 100

FielmannAG&Co.AnderRothenburgOHG Münster 100

FielmannAG&Co.KG Nagold 100

FielmannAG&Co.OHG Naumburg 100

FielmannAG&Co.KG Neubrandenburg 100

FielmannAG&Co.oHGMarktplatz-Center Neubrandenburg 100

FielmannAG&Co.OHG NeuburganderDonau 100

FielmannAG&Co.oHG Neu-Isenburg 100



Annualreport2017131

NOTES

FielmannAG&Co.oHG Neumarkti.d.OPf. 100

FielmannAG&Co.OHG Neumünster 100

FielmannAG&Co.OHG Neunkirchen 100

FielmannAG&Co.OHG Neuruppin 100

FielmannAG&Co.OHG Neuss 100

FielmannAG&Co.oHG Neustadta.d.Weinstraße 100

FielmannAG&Co.OHG Neustrelitz 100

FielmannAG&Co.Glacis-GalerieOHG Neu-Ulm 100

FielmannAG&Co.oHG Neuwied 100

FielmannAG&Co.OHG Nienburg 100

FielmannAugenoptikAG&Co.oHG Norden 100

FielmannAugenoptikAG&Co.KG(vormalsfielmannFielmannGmbH&Co.OHG) Nordenham 75

FielmannAG&Co.OHG Norderstedt 100

FielmannAG&Co.OHG Nordhausen 100

FielmannAG&Co.OHG Nordhorn 100

FielmannAG&Co.OHG Nördlingen 100

FielmannAG&Co.OHG Northeim 100

FielmannAG&Co.amHauptmarktOHG Nürnberg 100

FielmannAG&Co.NürnbergLorenzOHG Nürnberg 100

FielmannAG&Co.Nürnberg-SüdKG Nürnberg 100

FielmannAG&Co.Nürnberg-LangwasserOHG Nürnberg 100

FielmannAG&Co.OberhausenOHG Oberhausen 100

FielmannAG&Co.OHGSterkrade OberhausenSterkrade 100

FielmannAG&Co.oHG Oberursel 100

FielmannAG&Co.OHG Oer-Erkenschwick 100

FielmannAG&Co.KG OffenbachamMain 100

FielmannAG&Co.oHG Offenburg 100

FielmannAG&Co.OHG Oldenburg/Holstein 100

FielmannAG&Co.imCentrumKG Oldenburg/Olden-burg 100

FielmannB.V. Oldenzaal,Niederlande 100

HoflandOptiekB.V. Oldenzaal,Niederlande 100

FielmannAG&Co.OHG Olpe 100

FielmannAG&Co.OHG Olsberg 100

FielmannAG&Co.oHG Oranienburg 100

fielmann-opticFielmannGmbH&Co.KG Osnabrück 50,12

FielmannAG&Co.oHG Osterholz-Scharmbeck 100

FielmannAG&Co.OHG Osterode 100

FielmannAG&Co.KG Paderborn 100

FielmannAugenoptikAG&Co.oHG Papenburg 100

FielmannAG&Co.OHG Parchim 100

FielmannAG&Co.oHG Passau 100

FielmannAG&Co.OHG Peine 100

FielmannAG&Co.OHG6 Pfarrkirchen 100

FielmannAG&Co.OHG Pforzheim 100

FielmannAG&Co.oHG Pinneberg 100

FielmannAG&Co.OHG Pirmasens 100

FielmannAG&Co.OHG Pirna 100

FielmannAG&Co.KG Plauen 100

FielmannAG&Co.KG Plön 100

FielmannAG&Co.OHG Potsdam 100

Fielmannsp.zo.o. Poznan,Polen 100

FielmannAG&Co.OHG Quedlinburg 100

FielmannAG&Co.OHG Radebeul 100

BaurOptikGmbHRain RainamLech 60

FielmannAG&Co.OHG Rastatt 100

FielmannAG&Co.OHG Rathenow 100

FielmannAG&Co.OHG Ratingen 100

FielmannAG&Co.KG Ravensburg 100

FielmannAG&Co.OHG Recklinghausen 100

FielmannAG&Co.imDonau-EinkaufszentrumKG Regensburg 100

FielmannAG&Co.KG Regensburg 100

FielmannAG&Co.KG ReichenbachimVogtland 100



132Annualreport2017

NOTES

FielmannAG&Co.oHG Remscheid 100

FielmannAG&Co.oHG Rendsburg 100

FielmannAG&Co.OHG Reutlingen 100

FielmannAG&Co.OHG Rheinbach 100

FielmannAG&Co.oHG Rheine 100

Löchte-OptikGmbH Rheine 100

FielmannAG&Co.OHG Riesa 100

FielmannAG&Co.KG Rinteln 100

FielmannAG&Co.oHG Rosenheim 100

FielmannAG&Co.OHG Rostock 100

FielmannAG&Co.oHGLüttenKlein Rostock 100

FielmannAG&Co.OHG Rotenburg/Wümme 100

FielmannAG&Co.oHG Rottenburg 100

GroeneveldBrillenenContactlenzenB.V.

Rotterdam,Niederlande 100

FielmannAugenoptikAG&Co.oHG Rottweil 100

FielmannAG&Co.OHG Rudolstadt 100

FielmannAG&Co.OHG Rüsselsheim 100

FielmannAG&Co.OHG Saalfeld/Saale 100

FielmannAG&Co.oHG Saarbrücken 100

FielmannAG&Co.oHG Saarlouis 100

FielmannAG&Co.KG Salzgitter 100

FielmannAG&Co.OHG Salzwedel 100

FielmannAG&Co.oHG Sangerhausen 100

FielmannAG&Co.OHG Schleswig 100

FielmannAG&Co.OHG Schönebeck 100

FielmannAG&Co.KG Schwabach 100

FielmannAG&Co.OHG SchwäbischGmünd 100

FielmannAG&Co.OHG SchwäbischHall 100

FielmannAG&Co.KG Schwandorf 100

FielmannAG&Co.OHG Schwedt 100

FielmannAG&Co.OHG Schweinfurt 100

FielmannAG&Co.imCentrumOHG Schwerin 100

FielmannAG&Co.OHG Schwerin 100

FielmannAG&Co.KG Schwetzingen 100

FielmannAG&Co.OHG Seevetal 100

FielmannAG&Co.oHG Senftenberg 100

FielmannAG&Co.OHG Siegburg 100

FielmannAG&Co.KG Siegen 100

FielmannAG&Co.oHGCity-Galerie Siegen 100

FielmannAG&Co.SternCenterOHG Sindelfingen 100

FielmannAG&Co.OHG Singen 100

FielmannAG&Co.OHG Soltau 100

FielmannAG&Co.KG Soest 100

FielmannAG&Co.imCentrumOHG Solingen 100

FielmannAG&Co.OHG Sonneberg 100

FielmannAG&Co.KG Sonthofen 100

FielmannAG&Co.oHG Speyer 100

FielmannAG&Co.OHG St.Ingbert 100

FielmannAG&Co.OHG Stade 100

FielmannAG&Co.KG Stadthagen 100

FielmannAG&Co.OHG Starnberg 100

FielmannAG&Co.OHG Stendal 100

FielmannAG&Co.OHG Stralsund 100

OptiqueMarmetJacquesSAS5 Strasbourg,Frankreich 100

FielmannAG&Co.OHG Straubing 100

FielmannAG&Co.OHG Strausberg 100

FielmannAG&Co.BadCannstattOHG Stuttgart 100

FielmannAG&Co.EKZMilaneoOHG Stuttgart 100

FielmannAG&Co.KG Stuttgart 52

OptikSchuppinGmbH&Co.OHG8 Stuttgart 100

FielmannAG&Co.OHG Suhl 100

FielmannAG&Co.KG Sulzbach 100

FielmannAG&Co.KG Sylt/OTWesterland 100

FielmannAG&Co.oHG Traunstein 100

FielmannAugenoptikAG&Co.OHG Trier 100

FielmannAG&Co.OHG Troisdorf 100

FielmannAG&Co.KG Tübingen 100

FielmannAugenoptikAG&Co.oHG Tuttlingen 100



Annualreport2017133

NOTES

1Ifnocountryisstatedafterthenameofthetownorcity,thecompanyisbasedinGermany.2Inaccordancewithsection264Para.3andsections264aand264boftheGermancommercialcode(HGB),thiscompanyisexemptfromthe

obligationtoprepareamanagementreport.3Inaccordancewithsection264Para.3andsections264aand264boftheGermancommercialcode(HGB),thiscompanyisexemptfrom

havingtoaudititsfinancialstatements.4Thiscompanywasfoundedinfinancialyear2017.5Thiscompanywasacquiredwithacontractofpurchaseon04.07.2017andenteredintotheFrenchcommercialregisteron07.12.2017.6Thiscompanywasacquiredwithacontractofpurchaseon12.12.2017witheffectfrom30.12.2017.7Thiscompanywasacquiredwithacontractofpurchaseon18.05.2017andenteredintothecommercialregisteron18.09.2017.8Thiscompanywasacquiredwithacontractofpurchaseon03.05.2017andenteredintothecommercialregisteron24.07.2017.

FielmannAG&Co.KG Überlingen 100

FielmannAG&Co.OHG Uelzen 100

FielmannAugenoptikAG&Co.oHG Ulm 100

FielmannAG&Co.KG Unna 100

fielmann-opticFielmannGmbH&Co.oHG Varel 100

FielmannAG&Co.OHG Vechta 100

FielmannAG&Co.oHG Velbert 100

FielmannAG&Co.oHG Verden 100

FielmannAG&Co.oHG Viersen 100

FielmannAG&Co.OHG Villingen 100

FielmannAG&Co.SchwenningenKG

Villingen-Schwenningen 100

FielmannAG&Co.KG Völklingen 100

FielmannAG&Co.oHG Waiblingen 100

FielmannAG&Co.OHG Waldshut-Tiengen 100

FielmannAG&Co.OHG Walsrode 100

FielmannAG&Co.OHG Waltrop 100

FielmannAG&Co.OHG4 WangenimAllgäu 100

FielmannAG&Co.KG Warburg 100

FielmannAG&Co.OHG Warendorf 100

FielmannAG&Co.OHG Wedel 100

FielmannAG&Co.OHG Weideni.d.Oberpfalz 100

FielmannAG&Co.OHG Weilheimi.OB. 100

FielmannAG&Co.KG Weimar 100

FielmannAG&Co.OHG Weinheim 100

FielmannAG&Co.KG WeißenburginBayern 100

FielmannAG&Co.KG Weißenfels 100

FielmannAG&Co.OHG Weißwasser 100

FielmannAG&Co.KG Weiterstadt 100

FielmannAG&Co.OHG Wernigerode 100

FielmannAG&Co.OHG Wesel 100

FielmannAugenoptikAG&Co.OHG Westerstede 100

FielmannAG&Co.oHG Wetzlar 100

FielmannGmbH Wien,Österreich 100

FielmannAG&Co.OHG Wiesbaden 100

OptikKäpernickGmbH&Co.KG Wiesbaden 100

FielmannAG&Co.KG Wiesloch 100

FielmannAG&Co.KG Wildau 100

FielmannAugenoptikAG&Co.OHG Wildeshausen 100

FielmannAG&Co.KG Wilhelmshaven 100

FielmannAG&Co.OHG Winsen 100

FielmannAG&Co.OHG Wismar 100

FielmannAugenoptikAG&Co.KG Witten 50,5

FielmannAugenoptikimCentrumAG&Co.oHG Witten 100

FielmannAG&Co.oHG Wittenberge 100

FielmannAugenoptikAG&Co.oHG Wittlich 100

FielmannAugenoptikAG&Co.OHG Wittmund 100

FielmannAG&Co.OHG Wolfenbüttel 100

FielmannAG&Co.OHG Wolfsburg 100

FielmannAG&Co.KG Worms 100

FielmannAugenoptikAG&Co.OHG Wunstorf 100

FielmannAG&Co.BarmenOHG Wuppertal 100

FielmannAG&Co.City-ArkadenKG Wuppertal 100

FielmannAG&Co.ElberfeldOHG Wuppertal 100

FielmannAG&Co.OHG Würselen 100

FielmannAG&Co.OHG Würzburg 100

FielmannAG&Co.KG Zeitz 100

FielmannAG&Co.OHG Zittau 100

FielmannAG&Co.OHG Zweibrücken 100

FielmannAG&Co.KG Zwickau 100



134Annualreport2017

NOTES

Proposed appropriation of profit

Affirmation by the

Management Board

TheManagementandSupervisoryBoardswillproposetotheGeneralMeetingthatthebalancesheetprofitofFielmannAktiengesellschaft,amountingtoT¤155.400,shouldbeappropriatedasfollows:

Hamburg,16March2018

FielmannAktiengesellschaftTheManagementBoard

GüntherFielmann

WeaffirmthattothebestofourknowledgetheconsolidatedaccountspreparedinaccordancewiththeapplicableaccountingregulationsconveyaviewoftheGroup’sassets,financesandincomethatistrueandfairandthatbusinessdevelopmentinclud-ingbusinessresultsandthepositionoftheGrouparepresentedintheManagementReportfortheGroupinsuchawayastoprovideatrueandfairviewaswellastoportraytheopportunitiesandrisksinherentinthefuturedevelopmentoftheGroupaccurately.

Hamburg,16March2018

FielmannAktiengesellschaftTheManagementBoard

Payment of a dividend of ¤ ‘000 ¤1.85perordinaryshare(84,000,000shares) 155,400

MichaelFerleyMarcFielmannDr.BastianKörberDr.StefanThiesGeorgAlexanderZeiss

AUDITOR’S REPORT

Annualreport2017135

ToFielmannAktiengesellschaft,Hamburg

NOTE ON THE AUDIT OF THE CON-

SOLIDATED ACCOUNTS AND THE GROUP

MANAGEMENT REPORT

Audit opinion

We have audited the consolidated accountsof Fielmann Aktiengesellschaft, Hamburg, anditssubsidiaries(oftheGroup)–comprisingtheconsolidatedbalancesheetasat31December2017,theconsolidatedstatementoftheoverallresult, the consolidated statement of changesinequityandtheconsolidatedcashflowstate-ment for the financial year from 1 January to31December2017aswellastheNotestotheconsolidatedaccounts,includingasummaryofsignificantaccountingmethods.Inaddition,wehaveauditedtheGroupManagementReportofFielmann Aktiengesellschaft, Hamburg, for thefinancialyearfrom1Januaryto31December2017.InaccordancewiththeGermanstatutoryregulations, we have not audited the contentof thepartsof theGroupManagementReportunder“OtherInformation”.Accordingtoourassessmentbasedontheinsightgainedduringtheaudit,

– the attached consolidated accounts fullycomply with the International FinancialReportingStandards(IFRS),asapplicableinthe EU, as well as the additional GermanstatutoryprovisionspursuanttoSection315ePara. 1 of the German Commercial Code(HGB)andgiveatrueandfairview,takingintoaccounttheseregulations,oftheassetsandfinancesoftheGroupasat31Decem-ber2017,aswellasitsincomeforthefinan-cial year from1 January to31December2017,and

– the attached Group Management reportalsoprovidesatrueandfairviewoftheposi-tionoftheGroup.Onallthekeypoints,theGroupManagementReportisinlinewiththeconsolidated accounts, corresponds to theGermanstatutoryregulationsandaccuratelyportraystheopportunitiesandrisksinherentin the futuredevelopment.Ourauditopin-iondoesnotincludethecontentofthepartsof the Group Management Report under“OtherInformation”.

Pursuant to Section 322 Para. 1 (1) of theGermanCommercialCode(HGB),wedeclarethatourauditledtonoobjectionstothecorrect-nessoftheconsolidatedaccountsandtheGroupManagementReport.

Basis for the audit opinion

We have audited the consolidated accountsandtheGroupManagementReportinaccord-ance with Section 317 of the German Com-mercialCode(HGB)andtheEUauditregula-tion(No.537/2014;hereinafterreferredtoas“EU-AR”) incompliancewith theprinciplesofproperandcorrectauditinglaiddownbytheIDW(GermanInstituteofAuditors).Ourrespon-sibilitiesunderthoseprovisionsandstandardsarefurtherdescribedinthe“Auditor’sRespon-sibilities for the Audit of the ConsolidatedAccountsandtheGroupManagementReport”sectionofourreport.WeareindependentoftheGroupcompanies inaccordancewith theprovisions under European law and Germancommerciallawandprofessionalrequirements,andwehave fulfilledourotherGermanethi-cal responsibilities in accordance with theserequirements.Furthermore,wedeclarethatwe,inlinewithArticle10Para.2(f)oftheEU-AR,havenotprovidedanyprohibitednon-auditser-

Independent

auditor’s report

MichaelFerleyMarcFielmannDr.BastianKörberDr.StefanThiesGeorgAlexanderZeiss

AUDITOR’SREPORT

Annualreport2017135

AUDITOR’S REPORT

136Annualreport2017

vicesasdescribedinArticle5Para.1of theEU-AR.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasis forourauditopinion regard-ing theconsolidatedaccountsand theGroupManagementReport.

Key audit matters in the audit of the

consolidated accounts

Keyauditmattersarethosemattersthat,inourprofessional judgment, were of most signifi-canceinourauditoftheconsolidatedaccountsforthefinancialyearfromJanuary1toDecem-ber 31 2017. These matters were addressedinthecontextofourauditoftheconsolidatedaccountsasawhole,andinformingourauditopinionthereof,andwedonotprovideasepa-rateauditopiniononthesematters.Inourview,thekeyauditmatterswereasfol-lows:1.Recoverabilityofgoodwill2.EvidenceandevaluationoftheinventoriesOurpresentationofthesekeyauditmattershasbeenstructuredasfollows:a) Descriptionofmatters(includingreferenceto related disclosures in the consolidated ac-counts)b) Auditapproach

1. Recoverability of goodwill

a) A goodwill of ¤46.0 million has beenreported in the consolidatedaccounts ofFielmann Aktiengesellschaft. This corre-spondsto5%oftheconsolidatedbalancesheet sum.Goodwill is tested for impair-mentupto31Decemberofeveryfinancialyear.Theimpairmenttestiscarriedoutbya comparison of the book value against

the value in use of the cash-generatingunit, which is calculated as the presentvalue of future cash flows. This presentvalue calculation is basedonone year’sdetailed projection, a subsequent twoyears’projection,whichinturnisderivedfromthecumulativeGroupplanning,andthereafter fromaperpetuity valuebasedonthethirdplanningyear.Theresultoftheevaluation depends to a large extent onthediscretionaryassessmentof thefuturecash inflows by the legal representativesandofthediscountrateused.Theevalua-tionsarethereforesubjecttoconsiderableuncertainty.Inlightofthisbackground,thismatterwasofparticularimportanceinouraudit.

TheGroup’sdisclosurespertaining to therecoverabilityofgoodwillarecontainedinsectionsIII.undIV.(2)oftheNotestotheconsolidatedaccounts.

b) As part of our audit, we evaluated themethodical procedure for carrying outtheimpairmenttest.WetooktheGroup’sbudget history into consideration in ourassessment.

We compared the anticipated futurecashflows in theevaluation to thecorre-sponding detailed projections as well asto the Group planning approved by theSupervisory Board. In our assessment ofthe appropriateness of the budgeting,we used the comparison to general andindustry-specific market expectations aswell as comprehensive explanations bythe management as a basis. As minimalchanges to thediscountratehaveacon-siderable impacton thevalue inuse,we

AUDITOR’S REPORT

Annualreport2017137

corroborated the underlying parametersusinginformationsuppliedbythemanage-mentandourownmarketresearch,andwealso examined the mathematical correct-nessofthecalculationsforthevalueinuse.Regardingthecash-generatingunitswithaminimalcoverofthebookvaluecomparedtothevalueinuse,weconductedourownsensitivity analyses to determine if therespectivegoodwillissufficientlycoveredbythediscountedanticipatedfuturecashinflows.Asasignificantpartofthevalueinuseresultsfromforecastcashinflowsfortheperiodafter the three-yearprojection(phaseofperpetuity),wewerecritical inourassessmentofthescheduledlong-term0.5%growthrateintheperpetuityphase.

2. Evidence and evaluation of the

inventories

Inventories totalling ¤ 128.7 million arereportedintheconsolidatedaccountsofFiel-mann Aktiengesellschaft. This correspondsto13.9%oftheconsolidatedbalancesheetsum.Thestockvalueisrecordedaspartofthepermanent inventoryand theextendedperiodic inventory.Theevaluation ismadeat acquisition/production costs or at thelower net sales proceeds. In the financialyear2017,theinventorieswerereducedbymeansofvalueadjustmentsof¤6.9million.The basis for the value adjustments weregeneralisedassumptionsabouttherangeoftheinventories(markdowns)and,inspecificcases,assumptionsabouttheusabilityofthestocks.Thevalueadjustmentsare thereforebasedondiscretionaryestimatesbythelegalrepresentatives.

Forthisreasonandalsoduetothequantityandturnoverrateoftheinventories,thelargenumber of storage locations in the Groupandtherelatedlengthoftimefortheaudit,thismatterwasofspecialsignificanceinouraudit.

The disclosures made by the legal repre-sentativeson the inventories canbe foundinsectionsIIandIV(7)oftheNotestotheconsolidatedaccounts.

b) Inthecourseofouraudit,weevaluatedthesubmitted internal control system for track-ing and rating the inventories, and testedtheimplementedrelevantcontrols.Thefocusherewason thecontrols for theautomaticdepreciationcycles.Inthiscontext,weana-lysedthedepreciationcyclesinthesystem–withthehelpofITspecialists–andexaminedtheir functional capability. With regard tothe subsequent valuationof the inventoriesand the assumptionsmade in this respect,we verified theunderlyingassumptions forarepresentativesampleandexamined theevidence.

Furthermore,wecheckedthepresenceandthe condition of the inventories during ourparticipationinphysicalstock-takesbothatthecentralwarehouseandatselectedstores.The storeswere selectedbasedona sam-plingmethodwhichtookintoconsiderationthe amount of stock and our experiencesfromthepast.

Other information

The legal representatives are responsible forother information.Theother informationcom-prises

AUDITOR’S REPORT

138Annualreport2017

– the Group declaration on corporate gov-ernance pusuant to Section 315d of theGermanCommercialCode(HGB),towhichtheGroupManagementReportrefers,

– theassuranceof the legal representativesregarding the consolidated accounts andtheGroupManagementReportpursuanttoSection297Para.2 (4)andSection315Para. 1 (5) of the German CommercialCode(HGB)and

– all other parts of theAnnual Report,withtheexceptionof theauditedconsolidatedaccounts and the Group ManagementReportaswellasourreport.

Inaddition,theotherinformationincludestheseparatesummarisednon-financialreportpur-suanttoSections289bto289easwellas315band 315c of the German Commercial Code(HGB),towhichthegroupManagementReportrefersandwhichwillmost likelybepublishe-donthewebsiteofFielmannAktiengesellschaft,Hamburg,by30April2018. Our audit opinion on the consolidatedaccountsand theGroupManagementReportdoesnotcovertheotherinformation,whichiswhy we will not provide an audit opinion orany other form of audit-based conclusion onthissubject. Inrelationtoourauditoftheconsolidatedaccounts,weare responsible for reading theotherinformationandforassessingwhetherthisotherinformation– showsanysignificantdiscrepancies to the

consolidatedaccounts,totheGroupMan-agementReportortothefindingswemakeduringouraudit,or

– appearssignificantlyincorrectforanyotherreason.

Responsibility of the legal representa-

tives and the Supervisory Board for the

consolidated accounts and the Group

Management Report

The legal representatives are responsiblefor the preparation of the consolidatedaccounts,which fully complywith IFRS, asapplicable in the EU, as well as with theadditionalGermanstatutoryprovisionspur-suanttoSection315ePara.1oftheGermanCommercialCode (HGB),and forensuringthat the consolidated accounts give a trueandfairview,takingintoaccounttheseregu-lations,oftheGroup’sassets,financesandincome. Furthermore, the legal representa-tivesareresponsiblefortheinternalcontrolsthat they deem necessary for enabling thepreparation of the consolidated accounts,whicharefreeofanysignificant–intendedorunintended–misrepresentations.Inpreparingtheconsolidatedaccounts,thelegal representatives are responsible forassessing the Group’s ability to continueas a going concern. What’s more, theyare responsible for disclosing, as applica-ble, matters related to the company as agoingconcern.Theyarealsoresponsibleforreporting the going concern based on theprinciplesofaccounting,unlesstheyintendto liquidate the Group or to cease opera-tions, or they have no realistic alternativebuttodoso.In addition, the legal representatives areresponsible for preparing the Group Man-agementReport,whichprovidesatrueandfairviewofthepositionoftheGroupandisinlinewithallthekeypointsintheconsoli-datedaccounts,correspondstotheGerman

AUDITOR’S REPORT

Annualreport2017139

statutory regulations and accurately por-trays the opportunities and risks inherentin the future development. Moreover, thelegal representatives are responsible forthe policies and procedures (systems) thattheydeterminearenecessarytoenablethepreparationofaGroupManagementReportinaccordancewiththeapplicableGermanstatutoryregulationsandtoprovidesufficientandappropriateevidencefortheassertionsintheGroupManagementReport.TheSupervisoryBoard is responsible forover-seeing theGroup’saccountingprocess for thepreparationoftheGroupManagementReport.

Auditor’s responsibilities for the audit

of the consolidated accounts and the

Group Management Report

Ourobjectiveistoobtainreasonableassuranceaboutwhether theconsolidatedaccountsasawholearefreeofanysignificant–intendedorunintended – misrepresentations, and whethertheGroupManagementReportprovidesatrueandfairviewofthepositionoftheGroupandisinlinewithallthekeypointsintheconsolidatedaccounts,correspondstotheGermanstatutoryregulationsandaccuratelyportrays theoppor-tunitiesandrisksinherentinthefuturedevelop-ment,aswellastoissueanauditor’sreportthatincludesourauditopinionontheconsolidatedaccountsandtheGroupManagementReport.Assurances made by the legal representativesprovide a high degree of security but are noguarantee thatanauditcarriedout inaccord-ancewithSection317oftheGermanCommer-cialCode(HGB)andtheEU-ARincompliancewiththeprinciplesofproperandcorrectaudit-inglaiddownbytheIDW(GermanInstituteof

Auditors)alwaysdetectssignificantmisrepresen-tations.Misrepresentationsmaybetheresultofinfringementsorinaccuraciesandareregardedassignificantifitcouldbereasonablyexpectedthatthey–individuallyorasawhole–influencetheeconomicdecisionstakenbyaddresseesonthebasisoftheseconsolidatedaccountsandthisGroupManagementReport.We exercise professional judgment and main-tainprofessionalscepticismthroughouttheaudit.Wealso– identify and assess the risks of significant

– intended or unintended –misrepresenta-tionsintheconsolidatedaccountsandintheGroupManagementReport,planandper-form audit procedures responsive to thoserisks,andobtainauditevidencethatissuf-ficientandappropriatetoprovideabasisforourauditopinion.Theriskofnotdetectingsignificantmisrepresentationsresultingfrominfringements is higher than for one result-ingfrominaccuracies,asinfringementsmayinvolve collusion, forgery, intentional omis-sions, misleading representations, or therepealofinternalcontrols.

– obtain an understanding of the internalcontrol system relevant to the audit of theconsolidated accounts and of the policiesandproceduresrelevanttotheauditoftheGroupManagementReportinordertoplanauditproceduresthatareappropriateinthecircumstances,butarenotforthepurposeofexpressinganauditopinionontheeffective-nessofthesesystems.

– evaluatetheappropriatenessofaccountingmethods used and the reasonableness ofaccountingestimatesandrelateddisclosuresmadebythelegalrepresentatives.

AUDITOR’S REPORT

140Annualreport2017

– conclude on the appropriateness of thelegalrepresentatives’useofthegoingcon-cernbasisofaccountingand,basedontheauditevidenceobtained,whetherasignifi-cant uncertainty exists related to events orconditions that may cast serious doubt ontheGroup’s ability to continue as a goingconcern. If we conclude that a significantuncertaintyexists,wearerequiredtodrawattentioninourauditor’sreporttotherelateddisclosures in theconsolidatedaccountsortheGroupManagement Report or, if suchdisclosures are inadequate, to modify ourauditopinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor’sreport.However,futureeventsorconditionsmaycausetheGrouptoceasetocontinueasagoingconcern.

– evaluate the overall presentation, structureand content of the consolidated accounts,including the disclosures, and whether theconsolidatedaccountsrepresenttheunderly-ingtransactionsandeventsinamannerthatthe consolidatedaccounts givea trueandfairviewoftheGroup’sassets,financesandincomeinaccordancewithIFRS,asapplica-bleintheEU,aswellaswiththeadditionalGermanstatutoryprovisionspursuanttoSec-tion315ePara.1oftheGermanCommer-cialCode(HGB).

– obtainsufficientappropriateauditevidenceregardingtheaccountinginformationofthecompanies or business activitieswithin theGroupinordertoprovideanauditopinionontheconsolidatedaccountsandtheGroupManagementReport.Weareresponsibleforthedirection,supervisionandperformanceof the audit of the consolidated accounts.Weremainsolelyresponsibleforourauditopinion.

– evaluate the consistency of the GroupManagement Reportwith the consolidatedaccounts,itsconformitywiththelaw,andtheviewoftheGroup’spositionitprovides.

– perform audit procedures on the prospec-tive information presented by the legalrepresentatives in the Group ManagementReport.Onthebasisofsufficientappropriateaudit evidence, we evaluate, in particular,thesignificantassumptionsusedbythelegalrepresentativesasabasisfortheprospectiveinformation,andevaluatetheproperderiva-tionoftheprospectiveinformationfromtheseassumptions.Wedonotexpressaseparateauditopinionontheprospectiveinformationand on the assumptions used as a basis.Thereisasubstantialunavoidablerisk thatfuture eventswill differmaterially from theprospectiveinformation.

We communicate with those charged withsupervisionregarding,amongothermatters,theplannedscopeandtimingoftheauditandsig-nificantauditfindings,includinganysignificantdeficienciesintheinternalcontrolsystemthatweidentifyduringouraudit.Wealsoprovidethosechargedwithsupervisionwithastatementthatwehavecompliedwiththerelevantindependencerequirements,andcom-municatewith themall relationshipsandothermattersthatmayreasonablybethoughttobearon our independence, and where applicable,therelatedsafeguards.From the matters communicated with thosecharged with supervision, we determine thosematters that were of most significance in theauditoftheconsolidatedaccountsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor’sreportunlesslaworregulationprecludespublicdisclo-sureaboutthematter.

AUDITOR’S REPORT

Annualreport2017141

OTHER LEGAL AND REGULATORY

REQUIREMENTS

Further information pursuant to Article

10 of the EU-AR

We were elected as Group auditor by theAnnual General Meeting on 1 June 2017.Wewereengagedby theSupervisoryBoardon10/18October2017.Wehavebeen theGroupauditorofFielmannAktiengesellschaft,Hamburg,without interruptionsincethefinan-cialyear2011.Wedeclarethattheopinionsexpressedinthisauditor’s report are consistent with the addi-tionalreporttotheauditcommitteepursuanttoArticle11oftheEU-AR(long-formauditreport).

AUDITOR RESPONSIBLE FOR THE

ENGAGEMENT

TheauditorresponsiblefortheengagementisAnnikaDeutsch.

Hamburg,16March2018

DeloitteGmbHAuditingfirm

(Reiher) (Deutsch)Auditor Auditor


STORES

Baden-Wuerttemberg

Aalen Mittelbachstraße 2-6Achern Hauptstraße 16 Albstadt-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 O 7, 13Mosbach Hauptstraße 31Nagold Turmstraße 21Offenburg Steinstraße 23Pforzheim Westliche Karl- Friedrich-Straße 29-31Rastatt Kaiserstraße 21Ravensburg Bachstraße 8Reutlingen Wilhelmstraße 65Rottenburg Marktplatz 23Rottweil Königstraße 35Schwäbisch-Gmünd Marktplatz 33Schwäbisch Hall Schwatzbühlgasse 6-8Schwetzingen Mannheimer Straße 18Sindelfingen Mercedesstraße 12Singen August-Ruf-Straße 16Stuttgart Königstraße 68Stuttgart Mailänder Platz 7

Fielmann Stores, Germanyby Federal state, as at 31 March 2018

Stuttgart Marktstraße 45Tübingen Kirchgasse 11Tuttlingen Bahnhofstraße 17Überlingen Münsterstraße 25Ulm Neue Straße 71Villingen Bickenstraße 15Villingen- Schwenningen In der Muslen 35Waiblingen Kurze Straße 40Waldshut-Tiengen Kaiserstraße 52-54Wangen Herrenstraße 28Weinheim 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 Neustadt Hohnstraße 14Bad 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 Langgasse 20-22Landshut Altstadt 357/RosengasseLauf an der Pegnitz Marktplatz 53Lohr am Main Hauptstraße 37Marktredwitz Markt 20 Biberach, Marktplatz


STORES


STORES

Berlin-Charlottenburg, Wilmersdorfer Straße


STORES

Memmingen Kramerstraße 24Mühldorf Stadtplatz 27München Hanauer Straße 68München Leopoldstraße 46München Ollenhauerstraße 6München Pasinger Bahnhofsplatz 5München Plinganserstraße 51München Sonnenstraße 1München Tal 23-25München Weißenburger Straße 21München Willy-Brandt-Platz 5Neuburg an der Donau Färberstraße 4Neumarkt in der Oberpfalz Obere Marktstraße 32Neu-Ulm Bahnhofstraße 1Nördlingen Schrannenstraße 1Nürnberg Breite Gasse 64-66Nürnberg Breitscheidstraße 5Nürnberg Glogauer Straße 30-38Nürnberg Hauptmarkt 10Passau Grabengasse 2Pfarrkirchen Stadtplatz 25Ratisbon 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

Baumschulenweg Baumschulenstraße 18Charlottenburg Wilmersdorfer Straße 121Friedrichshagen Bölschestraße 114Friedrichshain Frankfurter Allee 71-77Gropiusstadt Gropius PassagenHellersdorf Zentrum Helle MitteHohenschönhausen Linden-CenterKreuzberg Kottbusser Damm 32Märkisches Viertel Märkisches ZentrumMarzahn EastgateMitte Grunerstraße 20, AlexaMoabit Turmstraße 44Neukölln Karl-Marx-Straße 151Pankow Breite Straße 15

Prenzlauer Berg Schönhauser Allee 70 cSchöneweide Brückenstraße 4Spandau Breite Straße 22Steglitz Schloßstraße 28Tegel Hallen am BorsigturmTempelhof Tempelhofer Damm 182-184Wedding Gesundbrunnen-CenterWeißensee Berliner Allee 85Westend Reichsstraße 104Zehlendorf Teltower Damm 27

Brandenburg Bernau Börnicker Chaussee 1-2Brandenburg Hauptstraße 43Cottbus Spremberger Straße 10Dallgow-Döberitz Döberitzer Weg 3Eberswalde An der Friedensbrücke 22Eisenhüttenstadt 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-Huchting Roland-Center Bremen-Neustadt Pappelstraße 131Bremen-Osterholz Weserpark Bremen-Vegesack Gerhard-Rohlfs-Straße 73Bremen-Zentrum Obernstraße 32Bremerhaven Bürgerm.-Smidt-Straße 108Bremerhaven Grashoffstraße 28Bremerhaven Hafenstraße 141

Hamburg Altstadt Mönckebergstraße 29Barmbek-Nord Fuhlsbüttler Straße 122Barmbek-Süd Hamburger MeileBergedorf Sachsentor 21Billstedt Billstedt-CenterBramfeld Bramfelder Chaussee 269Eimsbüttel Osterstraße 120Eppendorf Eppendorfer Landstraße 77Farmsen EKT Farmsen

Harburg Lüneburger Straße 23 Harburg Sand 35Niendorf Tibarg 19Langenhorn Langenhorner Chaussee 692Osdorf Elbe-EinkaufszentrumOthmarschen Waitzstraße 12Ottensen Ottenser Hauptstraße 10Poppenbüttel Alstertal-EinkaufszentrumRahlstedt Schweriner Straße 7Schnelsen Frohmestraße 46Volksdorf Weiße Rose 10Wandsbek Wandsbeker Marktstraße 57

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 14Gelnhausen Im Ziegelhaus 12Gießen Seltersweg 61Hanau Nürnberger Straße 23Herborn Hauptstraße 60Kassel Frankfurter Straße 225Kassel Obere Königsstraße 37aKorbach Bahnhofstraße 10Limburg Werner-Senger-Straße 2Marburg Markt 13Neu-Isenburg Hermesstraße 4Oberursel Vorstadt 11aOffenbach Frankfurter Straße 34/36Rüsselsheim Bahnhofstraße 24Sulzbach Main-Taunus-ZentrumWeiterstadt Gutenbergstraße 5Wetzlar Bahnhofstraße 8Wiesbaden Langgasse 3

Mecklenburg-WesternPomerania

Greifswald Lange Straße 94Güstrow Pferdemarkt 16Neubrandenburg Marktplatz 2Neubrandenburg Turmstraße 17-19Neustrelitz Strelitzer Straße 10


STORES

Parchim Blutstraße 17Rostock Kröpeliner Straße 58Rostock Warnowallee 31bSchwerin Marienplatz 5-6Schwerin Mecklenburgstraße 22Stralsund Ossenreyer Straße 31Wismar Hinter dem Rathaus 19

LowerSaxony Achim Bremer Straße 1bAurich Marktplatz 28Barsinghausen Marktstraße 8Brake Am Ahrenshof 2Bramsche Große Straße 31

Brunswick Casparistraße 5/6Brunswick Platz am Ritterbrunnen 1Buchholz Breite Straße 15Burgdorf Poststraße 1Buxtehude Lange Straße 16Celle Zöllnerstraße 34Cloppenburg Lange Straße 59Cuxhaven Nordersteinstraße 8Delmenhorst Lange Straße 35Diepholz Lange Straße 43Emden Zwischen beiden Märkten 2-4Esens Herdestraße 2Gifhorn Steinweg 67Goslar Fischemäker Straße 15Göttingen Weender Straße 51

Hameln Bäckerstraße 20Hannover Blumenauerstraße 1-7Hannover Engelbosteler Damm 66Hannover Ernst-August-Platz 2 Hannover Hildesheimer Straße 7 Hannover Lister Meile 72Hann. Münden Lange Straße 34Helmstedt Neumärker Straße 1a-3Hildesheim Bahnhofsallee 2Jever Kaakstraße 1Laatzen Marktplatz 11-16Langenhagen Marktplatz 7Leer Mühlenstraße 75Lingen Am Markt 9-10Lohne Deichstraße 4

Greifswald, Lange Straße


STORES

Lüneburg Große Bäckerstraße 2-4Melle Markt 12Meppen Markt 27Nienburg Georgstraße 8Norden Neuer Weg 113Nordenham Friedrich-Ebert-Straße 7Nordhorn Hauptstraße 46Northeim Breite Straße 55Oldenburg Lange Straße 27Osnabrück Große Straße 3Osterholz- Scharmbeck Kirchenstraße 19Osterode Kornmarkt 17Papenburg 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

Ahaus Markt 26 Ahlen Oststraße 51Aix-la-Chapelle Adalbertstraße 45-47Arnsberg-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 Remigiusstraße 16

Bonn Theaterplatz 6Borken Markt 5Bottrop Hochstraße 37-39Brühl Markt 3-5Bünde Eschstraße 17Castrop-Rauxel Münsterstraße 4Coesfeld Letter Straße 3Cologne 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 369Datteln Castroper Straße 24Detmold Lange Straße 12Dinslaken Neustraße 44Dormagen Kölner Straße 107Dorsten Lippestraße 35Dortmund Westenhellweg 67Duisburg Jägerstraße 72Duisburg Königstraße 50Dülmen 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 23

Heinsberg Hochstraße 129Herford Bäckerstraße 13/15Herne Bahnhofstraße 58Herne Hauptstraße 235Herten Ewaldstraße 12Hilden Mittelstraße 49-51Höxter Marktstraße 27Ibbenbüren Große Straße 14Jülich Kölnstraße 14Iserlohn Wermingser Straße 31Kamen Weststraße 74Kamp-Lintfort Moerser Straße 222Kempen Engerstraße 14Kleve Große Straße 90Krefeld Hochstraße 65Langenfeld Marktplatz 1Lemgo Mittelstraße 76Lengerich Schulstraße 64aLeverkusen Wiesdorfer Platz 15Lippstadt Lange Straße 48Lübbecke Lange Straße 26Lüdenscheid Wilhelmstraße 33Lünen Lange Straße 34Marl Marler SternMenden Hochstraße 20Meschede Kaiser-Otto-Platz 5Minden Bäckerstraße 24Moers Homberger Straße 27Mönchengladbach Hindenburgstraße 104Mönchengladbach Marktstraße 27Mülheim Hans-Böckler-Platz 8Mülheim Humboldtring 13Münster Bodelschwinghstraße 15Münster Klosterstraße 53Münster Rothenburg 43/44Neuss Krefelder Straße 57Oberhausen Bahnhofsstraße 40Oberhausen Marktstraße 94Oer-Erkenschwick Ludwigstraße 15Olpe Martinstraße 29Olsberg Markt 1Paderborn Westernstraße 38Ratingen Oberstraße 15Recklinghausen Löhrhof 1Remscheid Allee-CenterRheinbach Vor dem Dreeser Tor 15Rheine Emsstraße 27Siegburg Kaiserstraße 34Siegen Am Bahnhof 40Siegen Kölner Straße 52Soest Brüderstraße 38Solingen Hauptstraße 50Troisdorf Pfarrer-Kenntemich-Platz 7Unna Bahnhofstraße 24Velbert Friedrichstraße 149


STORES

Viersen Hauptstraße 28Waltrop Hagelstraße 5-7Warburg Hauptstraße 54Warendorf Münsterstraße 15Wesel Viehtor 20Witten Bahnhofstraße 48Witten Beethovenstraße 23Wuppertal Alte Freiheit 9Wuppertal Werth 8Wuppertal Willy-Brandt-Platz 1Würselen Kaiserstraße 76

Rhineland-Palatinate

Alzey Antoniterstraße 26Andernach Markt 17Bad Dürkheim Stadtplatz 6Bad Kreuznach Mannheimer Straße 153-155Bad Neuenahr- Ahrweiler Poststraße 12Bingen Speisemarkt 9Bitburg Hauptstraße 33Frankenthal Speyerer Straße 1-3Haßloch Rathausplatz 4

Idar-Oberstein Hauptstraße 393Kaiserslautern Fackelstraße 29Koblenz Hohenfelder Straße 22Koblenz Zentralplatz 2Landau Kronstraße 37Ludwigshafen Im Zollhof 4Mainz Stadthausstraße 2Mayen Neustraße 2Neustadt an der Weinstraße Hauptstraße 31Neuwied Mittelstraße 31Pirmasens Hauptstraße 39Speyer Maximilianstraße 31Trier Fleischstraße 28Wittlich Burgstraße 13/15Worms Kämmererstraße 9-13Zweibrücken Hauptstraße 59

Saarland Homburg Eisenbahnstraße 31Merzig Poststraße 25Neunkirchen Saarpark-CenterSaarbrücken 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 17Dresden 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 Markt 7Zwickau Hauptstraße 35/37

Trier, Fleischstraße


STORES

Saxony-Anhalt Aschersleben Taubenstraße 3Bernburg Lindenstraße 20eBitterfeld Markt 9Burg Schartauer Straße 3Dessau Kavalierstraße 49Dessau Poststraße 6Halberstadt Fischmarkt 4aHalle Leipziger Straße 102Halle Neustädter Passage 16Köthen Schalaunische Straße 38Lutherstadt Eisleben Markt 54Lutherstadt Wittenberg Collegienstraße 6Magdeburg Breiter Weg 173Magdeburg 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 47Eutin Peterstraße 3Flensburg Holm 49/51Geesthacht Bergedorfer Straße 45Glinde Markt 6Heide Friedrichstraße 34Husum Markt 2Itzehoe Feldschmiede 34Kiel Holstenstraße 19Kiel Schönberger Straße 84Lübeck Breite Straße 33Mölln 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 54Erfurt Thüringen-ParkGera Humboldtstraße 2aGotha Marktstraße 9Greiz Markt 11Ilmenau Straße des Friedens 8Jena Markt 18Meiningen Georgstraße 24Mühlhausen Steinweg 90/91Nordhausen Bahnhofstraße 12-13Rudolstadt Markt 15Saalfeld Obere Straße 1Sonneberg Bahnhofstraße 54Suhl Steinweg 23Weimar Schillerstraße 17

Leipzig, Markt


STORES

Switzerland by canton

AargauAarau Igelweid 1Baden Weite Gasse 27Spreitenbach Shoppi TivoliZofingen Vordere Hauptgasse 16

BaselLandLiestal Rathausstrasse 59

BaselCityBasel Marktplatz 16Basel Stücki Shopping Hochbergerstrasse 70

BerneBerne Waisenhausplatz 1Biel Nidaugasse 14

Burgdorf 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

SchwyzSchwyz Herrengasse 20

SolothurnOlten Hauptgasse 25Solothurn Gurzelngasse 7

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

ThurgauFrauenfeld Zürcherstrasse 173

TicinoBellinzona Via Nosetto 3

Vicenza, Corso Andrea Palladio


STORES

Lugano Via Pietro Peri 4

ValaisBrig-Glis Kantonsstrasse 58Sion Avenue du Midi 10

VaudLausanne Rue du Pont 22

ZugZug Bahnhofstrasse 32

ZurichBülach Bahnhofstrasse 11Thalwil Gotthardstrasse 16bUster Zürichstrasse 20Winterthur Marktgasse 74Zurich Bahnhofstrasse 83Zurich Schaffhauserstrasse 355

Austria by state

BurgenlandOberwart Wienerstrasse 8a

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 Alpenstraße 114Salzburg Europastraße 1/Europark

StyriaGraz Herrengasse 9Kapfenberg Wiener Straße 35a Leoben Dominikanergasse 1 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

Italy by region

Emilia-RomagnaPiacenza Via XX Settembre 112/114

LombardyBergamo Via XX Settembre 89Brescia Corso G. Zanardelli 8Varese Corso Matteotti 22/24

Trentino-AltoAdigeBolzano Via Museo 15Bressanone Via Portici Minori 1Merano Via Cassa di Risparmio 9Trento Via Oss Mazzurana 24

VenetoVerona Via delle Nazioni 1, AdigeoVerona Via Mazzini 64Vicenza Corso Andrea Palladio 78

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

NetherlandsEmmen Picassopassage 74Enschede Kalanderstraat 17Nijmegen Broerstraat 31

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Poland by voivodeship

GreaterPolandPoznan Galeria Pestka, Al. Solidarnosci 47

Poznan ul. Sw. Marcin 69

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

Kujawiea-PommeraniaBydgoszcz Galeria Zielone Arkady, ul. Wojska Polskiego 1

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

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 141Gdynia Centrum Handlowe Riviera, ul. Kazimierza Górskiego 2

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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Fielmann plants a tree for every

employeeeachyearandiscommitted

toprotectingnatureandtheenviron-

ment. To date, Fielmann has planted

morethanoneandahalfmilliontrees.

Fielmann Aktiengesellschaft · Weidestraße 118 a · D-22083 Hamburg · Telephone: +49(0)40/27076-0Fax: +49(0)40/27076-399 · Mail: [email protected] · Internet: www.fielmann.com

Documents

Annual Report 2017 - Fielmann · training and continued professional develop-ment every year. Fielmann places great expec-tations on its employees. Our stores generate between five