HUGO BOSS AG (disclosures pursuant to HGB)
By contrast to the consolidated financial statements, the annual financial statements of HUGO BOSS AG are not prepared in accordance with International Financial Reporting Standards (IFRS), but rather in accordance with the provisions of HGB [“Handelsgesetzbuch”: German Commercial Code].
Business activity and economic environment
As the parent company, HUGO BOSS AG is responsible for a number of functions within the HUGO BOSS Group. On the one hand, HUGO BOSS AG is responsible for all distribution channels in the German market and, through its permanent establishment, in the Austrian market. Responsibility for the collection theme and development for the main product groups across all brands is located in the Group’s headquarters in Metzingen. Other tasks bundled at the Group’s headquarters include management of the Group’s own retail business, procurement, logistics, IT, personnel management, financial management including company financing as well as risk management. In addition, HUGO BOSS AG is responsible for internal communication and, in particular, for external communication including investor relations.
As part of its overarching Group functions, the Group’s parent company, as represented by the members of the Managing Board, is responsible for the Group’s alignment and thus also for setting the corporate strategy.
HUGO BOSS AG’s results of operations are influenced by its operating business as well as management of the central functions in particular. The allocation of costs for services rendered to Group companies together with the investment result resulting from the holding function of HUGO BOSS AG are the main line items in this context.
HUGO BOSS AG’s sales comprise external sales with wholesale partners, the sales of the Group’s own retail business in Germany and Austria, and intercompany sales with foreign subsidiaries.