nine months report january – september … · 3 preferred shares were ... chinese and japanese...

NINE MONTHS REPORTJANUARY SEPTEMBER 2012

H U G O B O S SNINE MONTHS REPORT 2012

02

CONTENTS

01 TO OUR SHAREHOLDERS 04 Letter to Shareholders05 Key Figures06 HUGO BOSS on the Capital Market

02 CONSOLIDATED INTERIM MANAGEMENT REPORT

11 Group Sales and Results of Operations11 General Economic Situation12 Sector Performance13 Sales Development16 Earnings Development19 Profit Development of the Business Segments23 Net Assets and Financial Position23 Balance Sheet24 Net Assets26 Financial Position27 Capital Expenditure28 Report on Risks and Opportunities29 Subsequent Events and Outlook33 Summary on Earnings, Net Assets and

FinancialPosition

03 CONSOLIDATED INTERIM FINANCIAL STATEMENTS

35 Consolidated Income Statement36 Statement of Comprehensive Income37 Consolidated Balance Sheet38 Statement of Changes in Consolidated Equity39 Consolidated Statement of Cash Flows40 Notes to the Consolidated Interim

Financial Statements

04 FURTHER INFORMATION 49 Forward-Looking Statements50 Financial Calendar and Contacts


03TO OUR SHAREHOLDERS

01TO OUR SHAREHOLDERS


04TO OUR SHAREHOLDERSLETTER TO SHAREHOLDERS

LETTER TO SHAREHOLDERS

Dear Shareholders,Ladies and Gentlemen,

The HUGO BOSS Group remains on course to achieve its targets for the year as a whole. It is true that the macroeconomic environment has deteriorated perceptibly in recent months. However, at the same time, we are continuing to build upon our own strength to escape these forces as effectively as possible.

We have achieved solid increases in sales and earnings in the first nine months of 2012. All regions have posted year-on-year growth and we are satisfied with the momentum of our brands. In the Groups own retail business, the success of our expansion strategy continues to be reflected in double-digit growth rates. On a like-for-like basis, we have achieved an increase in the year to date of 5 % after adjustments for currency effects. In many core markets we have posted significantly stronger growth than the market as a whole.

We have, for instance, grown by 14 %, excluding currency effects, in the American market so far this year. Here, double-digit growth rates were achieved in both wholesale and own retail. This is a great success against the backdrop of historically high unemployment rates and falling consumer confidence. In Europe, the sovereign debt crisis and the consolidation measures associated therewith are also depressing demand in the premium and luxury goods industry. Despite this, we are doing very well with year-on-year growth of 6 %. In Asia too, our currency-neutral sales are 5 % up on the previous year, although we do see stabilization but no recovery in consumer confidence in China yet.

With regard to the upcoming winter season, we are confident that we shall return to double-digit growth rates in sales and earnings in the final quarter of the year. Wholesale business, in particular, will benefit from the switch to four equally sized collections. More and more trading partners are following our strategy of changing collections more frequently to incentivize customers to visit their shops regularly. Accordingly, sales of the winter collection will exceed the previous years level.

Not least for this reason, we affirm our financial outlook for the current year. Group sales will grow by up to 10 % on a currency-adjusted basis. The operating result is expected to increase by between 10 % and 12 %. In line with our plans, 2012 will hence be an important milestone with regard to achieving our targets for 2015.

Sincerely yours,

CLAUS-DIETRICH LAHRS

CEO and Chairman of the Managing Board


05TO OUR SHAREHOLDERSKEy fIguRES

KEY FIGURES

Jan. Sep. 2012

Jan. Sep. 2011

Change in %

3rd Quarter

2012

3rd Quarter

2011

Change in %

Earnings Position (in EURmillion)

Sales 1,738.5 1,559.6 11 646.3 615.0 5

gross profit 1,061.7 934.2 14 388.7 361.9 7

gross profit margin (in %) 61.1 59.9 1.2 PP 60.1 58.8 1.3 PP

EBITDA 389.0 372.1 5 162.9 177.4 (8)

EBITDA before special items 391.7 372.1 5 165.4 177.1 (7)

Adjusted EBITDA margin (in %) 1 22.5 23.9 (1.4 PP) 25.6 28.8 (3.2 PP)

EBIT 331.6 321.4 3 142.8 159.7 (11)

Net income attributable to equity holders of the parent company

237.7 231.1 3 103.6 118.0 (12)

Sep. 30, 2012

Sep. 30, 2011

Change in %

3rd Quarter

2012

3rd Quarter

2011

Change in %

Net Assets and Financial Position (in EUR million)

Total assets 1,479.8 1,290.5 15

Shareholders equity 570.6 454.9 25

Trade Net Working capital 510.0 470.2 8

free cash flow 102.1 96.6 6 52.6 37.6 40

Net financial liabilities 249.9 247.2 1

Capital expenditures 87.5 60.8 44 46.5 24.0 94

Employees2 11,484 10,571 9 11,484 10,571 9

Jan. Sep. 2012

Jan. Sep. 2011

Change in %

3rd Quarter

2012

3rd Quarter

2011

Change in %

Shares (in EUR)

Earnings per share

Ordinary shares 3.44 3.34 3 1.50 1.71 (12)

Preferred shares 3 3.35 1.71

Ordinary shares 4

Last (09/30) 68.50 56.00 22 68.50 56.00 22

High 89.35 76.75 16 86.80 76.75 13

Low 58.87 43.00 37 65.75 56.00 17

Preferred shares 3, 4

Last (09/30) 60.28 60.28

High 80.00 80.00

Low 47.35 59.41

Total number of shares 2

Ordinary shares 70,400,000 35,860,000 70,400,000 35,860,000

Preferred shares 3 34,540,000 34,540,000

1 EBITDA before special items / Sales.

2 At the end of the period.

3 Preferred shares were converted into ordinary shares on June 15, 2012 after the close of stock market trading.

4 Xetra.


06TO OUR SHAREHOLDERSHUGO BOSS ON THE CAPITAL MARKET

HUGO BOSS ON THE CAPITAL MARKET

After sentiment on the equity markets had cooled in the course of the first half year because of the intensifica-tion of the euro crisis, the announcement by the ECB to purchase bonds and the relaxation in monetary policy undertaken by the Federal Reserve caused a further surge in prices in the third quarter. HUGO BOSS shares significantly outperformed the market in the first half but posted price losses towards the end of the third quarter as a consequence of burgeoning anxieties regarding market growth in the premium and luxury goods sector.

Share price performance (Index: December 30, 2011 = 100)

170

160

150

140

130

120

110

100

90

January February March April May June July August September

Preferred share 1 Ordinary share MDAX

1 Preferred shares were converted into ordinary shares on June 15, 2012.

Political decisions support equity markets in the third quarter of 2012Fears about the euro debt crisis and signs of weaker global economic growth put equity markets under considerable pressure in the first half of the year. Only towards the end of the first half were there any signs of a recovery, which strengthened in the course of the third quarter. At the same time, developments on the equity markets were supported by political decisions and investors hopes of further intervention in the market by central banks. In addition to a further reduction in its key interest rate, the ECB announced its new bond purchase program. The American, Chinese and Japanese central banks also announced further easing measures. Nevertheless, the uncertainty regarding the euro debt crisis remained palpable on equity markets in the third quarter and repeatedly led to minor price corrections.



Conversion of preferred shares into ordinary shares and introduction of registered shares completedFollowing the broad agreement of the Annual Shareholders Meeting of HUGO BOSS AG on May 3, 2012 to convert the preferred shares into ordinary shares and to switch from bearer to registered shares, both measures were implemented after the close of stock market trading on June 15, 2012. Since then the Companys share capital consists of 70,400,000 no-par-value registered ordinary shares. All shares now grant a voting right. Since June 18, 2012, all registered ordinary shares have been listed under the following new ISIN, German security identification number and ticker symbol:

Since June 18, 2012 Until June 15, 2012

Registered ordinary shares Ordinary bearer shares Preferred bearer shares

Number 70,400,000 35,860,000 34,540,000

ISIN DE000A1PHFF7 DE0005245500 DE0005245534

WKN A1PHFF 524550 524553

Ticker symbol BOSS BOS BOS3

Positive performance of HUGO BOSS ordinary shares in the first nine monthsHaving risen sharply at the beginning of the year and suffered a slight correction in the second quarter, the ORDINARY SHARES OF HUGO BOSS AG closed the first half of 2012 well up overall. In the third quarter they posted declines. After a strong share price increase in July, the publication of half year results at the end of the month led to profit taking. The share also reacted negatively to more cautious comments from the sector in mid-September. Nevertheless, at a price of EUR 68.50 at the end of September, the HUGO BOSS ordinary share was still up 24 % compared to year-end 2011.

DAX and MDAX firmed significantly in the third quarter and consequently offset the losses of the second quarter. Overall, DAX and MDAX gained 22 % and 23 % respectively in the period from January to September. On average the shares of companies in the fashion and luxury goods industry also posted gains in the first nine months. The MSCI WORLD TEXTILES, APPAREL & LUXURY GOODS INDEX, which maps the performance of companies operating in the area of apparel and luxury goods, rose by 10 % in the first nine months of 2012.

The shares of HUGO BOSS AG therefore outperformed the market as a whole and the sector average in the first nine months.

Weighting of HUGO BOSS shares in MDAX increasesThe HUGO BOSS preferred share, which was included in the MDAX, was replaced by the registered ordinary share in June 2012 as a result of the conversion of share classes. At the end of September 2012, THE HUGO BOSS ORDINARY SHARES took 16th place in the Deutsche Brse ranking on the basis of free float adjusted market capitalization (historic preferred shares at the end of September 2011: 26th place). In terms of its trading volume, the HUGO BOSS ordinary share was ranked 8th (historic preferred share at the end of September 2011: 31st place). At the end of September, the weighting of the HUGO BOSS ordinary share in the MDAX was therefore 2.0 % (weighting of the historic preferred share at the end of September 2011: 1.4 %). On average 63,267 ordinary shares were traded per day from January to September 2012 (2011: 11,371). In the period from conversion on June 18, 2012 until the end of September, the average daily trading volume of ordinary shares was 143,874 shares.



Voting rights announcement pursuant to section 21 WpHG (German Securities Trading Act) because of share conversionIn accordance with Section 21 of the Securities Trading Act (WpHG), shareholders are required to report the level of their shareholdings if they exceed or fall below certain thresholds. The thresholds for reporting are 3 %, 5 %, 10 %, 15 %, 20 %, 25 %, 30 %, 50 % and 75 %. In the first nine months of 2012, the Company received notification that the share of the voting rights held by Red & Black Holding GmbH and consequently those from its controlling companies Red & Black Lux S..r.l., Red & Black Topco S..r.l., Red & Black Holdco S..r.l., Red & Black Holdco 2 S..r.l., P4 Sub L.P.1, Permira IV L.P.1, Permira IV Managers L.P., Permira IV Managers Limited, Permira IV L.P.2, P4 Co-Investment L.P., Permira Investments Limited, Permira IV GP L.P., Permira IV GP Limited, Permira Nominees Limited as well as Permira Holdings Limited has fallen below the threshold of 75 % on June 15, 2012 because of the conversion of preferred shares into ordinary shares and now stands at 67.53 %, including the attribution of treasury shares held by HUGO BOSS AG (1.97 %).

Also in connection with the conversion of the two share classes, the Company was informed in accordance with section 25a (1) WpHG (German Securities Trading Act) by the financial institutions UniCredit Bank AG and UniCredit S.p.A. as well as by PFC S.r.l., Zeta Finance S.A. and Zignago Holding S.p.A., three companies linked to Permira Holdings Limited, of changes to financial and other instruments, which could allow the acquisition of voting rights.

The Company published these notifications verbatim on its Company website www.group.hugoboss.com in News and Releases under the Investor Relations heading.

Unchanged shareholder structureThe shareholder structure of the total share capital of HUGO BOSS AG is unchanged and is made up as follows: 65.56 % of the shares are held by Permira Holdings Limited via Red & Black Holding GmbH and 1.97 % of the shares are held by HUGO BOSS AG as treasury shares. The remaining 32.47 % of the shares are in free float.

No Directors DealingsDuring the reporting period from January 1 to September 30, 2012, no securities transactions in Company shares were reported to the Company by the Managing Board or Supervisory Board. In total, members of the Managing Board and the Supervisory Board hold less than 1 % of the shares issued by HUGO BOSS AG.

02CONSOLIDATED INTERIM MANAGEMENT REPORT


10CONSOLIDATED INTERIM MANAGEMENT REPORTKEY FINANCIAL FIGURES

Sales (inEUR million)

Net income (inEUR million)

Free cash flow (inEUR million)

EBITDA before special items (inEUR million)

Trade net working capital (inEUR million)

Capital expenditure (inEUR million)

1,738.5

240.6

102.1

391.7

510.0

87.5

1,559.6

236.2

96.6

372.1

470.2

60.8

Jan. Sep. 2012

Jan. Sep. 2012

Sep. 30, 2012

Jan. Sep. 2012

Jan. Sep. 2012Jan. Sep. 2011

Jan. Sep. 2011

Jan. Sep. 2011


Sep. 30, 2011

Jan. Sep. 2011

+ 11 %(+ 7 % currency-adjusted)

+ 2 %

+ 6 %

+ 5 %

+ 8 %

+ 44 %


11CONSOLIDATED INTERIM MANAGEMENT REPORTGROUP SALES AND RESULTS OF OPERATIONS

GROUP SALES AND RESULTS OF OPERATIONS

GENERAL ECONOMIC SITUATIONMarked slowdown in global economic growthIn the first nine months of 2012, growth in the global economy has slowed more rapidly year-on-year than originally expected. There was a perceptible loss of momentum in economic growth over the course of the year. As a result, macroeconomic conditions for the HUGO BOSS Group have deteriorated compared with the previous year.

Sovereign debt crisis is depressing economic growth in EuropeIn the first nine months the economy in the EURO ZONE suffered from the continuing sovereign debt crisis. In particular, the peripheral countries of the euro zone, which are affected by substantial public debt and rising unemployment, were affected by a sharp fall in economic activity over the course of the year. Weak exports, falling private consumption in many places and diminishing demand for exports also resulted in weaker growth rates in the core countries of the euro zone. In Germany, the economy performed better than in the region as a whole thanks to comparatively strong corporate investment and exports as well as rising private consumption. However, the latest confidence indicators also point to weaker economic growth here in the past quarter.

American economy to see moderate growthThe AMERICAN ECONOMY experienced moderate growth in the year to date. Historically high levels of unemploy-ment, a mixed performance of the real estate market, a deterioration in global demand and weaker private demand are depressing economic growth despite support measures in both monetary and fiscal policy. Economic momentum also decreased in LATIN AMERICA because of slower growth in exports and reduced investment activity.

Slower growth in AsiaThere has been a further slowdown in economic growth in ASIA in recent months. Weaker export demand and in China, in particular, decreasing domestic demand were contributing factors here. In China, the measures taken in recent years to combat inflation and to limit surging prices on the real estate market curbed growth. In Japan and Australia, however, reconstruction following the catastrophic earthquake and strong growth in the commodities industry supported economic growth. Consumer demand on the other hand showed a compara-tively weak development.



SECTOR PERFORMANCEPremium and luxury goods demonstrating sustained growthThe premium and luxury goods sector expanded further in the first nine months of 2012 notwithstanding a more difficult macroeconomic environment. However, growth did not match the previous years level. Never-theless, it significantly exceeded growth in the global economy.

Positive sector performance in all regionsIn EUROPE, the strong performance of Eastern European markets and a sound performance in Western Europe largely compensated for weaker growth in Southern Europe. Most notably in the metropolitan regions of Western Europe, demand from tourists, particularly from Asia, supported market growth. In AMERICA, the sector grew further on the basis of continuing positive consumer sentiment in the relevant market segment. In ASIA, increasing consumer cautiousness, particularly in China, resulted in diminishing growth rates over the course of the year. Uncertainties regarding the countrys future political direction and the general weakening in economic growth resulted in a slowing momentum in the sector. Nevertheless, the industry also benefited from the positive trends in disposable income in the first nine months of 2012, which allows a steadily increasing number of consumers to purchase premium and luxury goods products.



SALES PERFORMANCESales developmentHUGO BOSS increases sales by 7 % in local currenciesHUGO BOSS generated GROUP SALES of EUR 1,739 million in the first nine months of fiscal year 2012, which means that sales in Group currency were up 11 % on the previous years level (previous year: EUR 1,560 million). Currency fluctuations had a positive impact on consolidated sales performance in the reporting period. In local currencies, HUGO BOSS posted a 7 % year-on-year sales increase in the first nine months of fiscal year 2012.

Sales by region in EUR million

Jan. Sep. 2012

in % of Sales

Jan. Sep. 2011

in % of Sales

Change in %

Currency- adjusted

change in %

Europe 1 1,050.5 60.4 985.4 63.2 7 6

Americas 399.7 23.0 326.4 20.9 22 13

Asia/Pacific 250.2 14.4 215.2 13.8 16 5

Royalties 38.1 2.2 32.6 2.1 17 17

Total 1,738.5 100.0 1,559.6 100.0 11 7

1 Incl. Middle East/Africa.

All regions are contributing to the Groups growthSales in EUROPE including the Middle East/Africa increased by 7 % in Group currency to EUR 1,051 million (previous year: EUR 985 million) and were 6 % up on the previous years level in local currencies. In the AMERICAS, sales in reporting currency increased by 22 % year-on-year to EUR 400 million in the first nine months of fiscal year 2012 (previous year: EUR 326 million), while this region posted an increase in sales in local currencies of 13 %. After the first nine months of fiscal year 2012, sales in ASIA/PACIFIC in Group currency were 16 % up on the previous years level, at EUR 250 million (previous year: EUR 215 million). This equates to a rise in local currencies of 5 % year-on-year.

Sales by distribution channel

in EUR million

Jan. Sep. 2012

in % of Sales

Jan. Sep. 2011

in % of Sales

Change in %

Currency- adjusted

change in %

Wholesale 911.2 52.4 896.2 57.5 2 (1)

Groups own retail business

789.2

45.4

630.8

40.4

25

19

Directly Operated Stores

523.0 30.1 419.5 26.9 25 18

Outlet 233.7 13.4 189.4 12.1 23 18

Online 32.5 1.9 21.9 1.4 48 46

Royalties 38.1 2.2 32.6 2.1 17 17

Total 1,738.5 100.0 1,559.6 100.0 11 7



Groups own retail business still a growth driverThe WHOLESALE CHANNEL posted an increase in sales of 2 % in reporting currency to EUR 911 million in the first nine months of fiscal year 2012 (previous year: EUR 896 million). In local currencies, sales virtually matched the previous years level. The acquisition of stores previously operated by franchisees, particularly in China, Spain and Switzerland, caused a shift in sales from wholesale business to the Groups own retail business. However, this was offset by the trend in replenishment, with which HUGO BOSS can react to short-term surges in demand from trading partners. The share of the wholesale channel in Group sales decreased from 58 % in the same period of the previous year to 52 % in the reporting period.

As in the previous years, the GROUPS OWN RETAIL BUSINESS was the major growth driver in the first nine months of fiscal year 2012. The expansion of this distribution channel driven forward with new openings, acqui-sitions and the ongoing systematic professionalization of the existing store network made a key contribution to the Groups positive overall performance. Sales in the Groups own retail stores including outlets and online stores increased by 25 % in the reporting period to reach EUR 789 million (previous year: EUR 631 million). This is equivalent to a 19 % increase in sales after adjustment for currency effects. Sales from the Groups own retail business therefore amounted to 45 % of total sales (previous year: 40 %). Retail comp store sales increased by 11 % year-on-year in Group currency and 5 % in local currencies.

Sales by retail formatSales from DIRECTLY OPERATED STORES (DOS) increased by 25 %, 18 % after adjustment for currency effects, to EUR 523 million (previous year: EUR 420 million) in the first nine months.

OUTLET STORES also contributed to the positive development of sales in this distribution channel in the first nine months of fiscal year 2012 with a sales increase of 23 % in Group currency to EUR 234 million (previous year: EUR 189 million). Adjusted for currency effects, this corresponds to an increase of 18 %.

International ONLINE RETAIL ACTIVITIES are becoming increasingly important. Sales generated by the online stores in Germany, the Netherlands, France, Great Britain, Austria, Switzerland and the U.S. increased by 48 % in reporting currency to EUR 32 million in the first nine months of fiscal year 2012 (previous year: EUR 22 million). This is equivalent to a 46 % increase in local currencies.

Number of Groups own retail storesThe total number of the GROUPS OWN RETAIL STORES increased by 169 in net terms to 791 in the first nine months of fiscal year 2012 (December 31, 2011: 622).

The global presence was expanded by 90 new locations and the acquisition of 94 shop-in-shop units from wholesale partners, making 184 additional locations in total. The number of SHOP-IN-SHOP-UNITS therefore rose by 121 in net terms, after taking account of six closures, in the reporting period to stand at 384. The opening of 57 DIRECTLY OPERATED FREESTANDING STORES INCLUDING OUTLETS was juxtaposed with nine closures. At the end of the third quarter of 2012, the number of directly operated freestanding stores including outlets therefore came to 407. as part of the ongoing improvement of the Groups own retail network, 15 stores were closed during the first nine months of fiscal year 2012.



In EUROPE in particular, the retail network was expanded by 56 new stores and the acquisition of 66 shop-in-shop units from wholesale partners. Above all, the markets of Spain, France, and Switzerland were boosted in the first nine months of fiscal year 2012. Taking closures into account, there was a net increase of 118 stores in Europe.

The expansion in the network of own stores in the AMERICAS was driven forward in the reporting period by the opening of 13 stores and nine acquisitions. Here, the focus was particularly concentrated on the North American market, where the store network was expanded by eleven attractive stores in Canada and six in the U.S. Five additional retail stores were also opened in South America. This was offset by the closure of two locations in each of the U.S. and Canada. Thus, there was a net increase of 18 retail stores year-on-year in the Americas.

The retail network in ASIA/PACIFIC was expanded by a total of 40 attractive locations through 21 new openings and 19 franchise takeovers. Here, attention remained focused on expansion in the growth market China, in particular, on strengthening the stores in Beijing and Taiwan. After deducting the number of operations closed, the store network in the Asia/Pacific region expanded by 33 stores in net terms.

Royalty salesThe positive trend in royalty business continued in the first nine months of fiscal year 2012 with double-digit increases being achieved. Royalty sales concern license income from third parties. Products manufactured by partners include FRAGRANCES, EYEWEAR, WATCHES, CHILDRENS FASHION, MOTORCYCLE HELMETS, MOBILE PHONES, MOBILE ACCESSORIES AND HOME TEXTILES. External sales with outside licensees increased by 17 % as against the previous year to EUR 38 million (previous year: EUR 33 million).

Sales by brandHUGO BOSS posted significant sales increases in virtually all brands and lines in the first nine months of fiscal year 2012. A sales increase of 12 % year-on-year was generated in the BOSS BRAND. The BRAND BOSS GREEN also saw further increases in the first nine months, recording a 21 % growth rate compared with the same period in the previous year, while the BRAND BOSS ORANGE increased its sales by 2 % compared with the same period in the previous year. Sales of the BRAND HUGO were up 15 % on the previous years figure.

WOMENSWEAR sales were 4 % up on the level of the same period last year at EUR 186 million (previous year: EUR 179 million). This corresponds to an 11 % share of total sales (previous year: 12 %). Sales of MENSWEAR increased by 13 % to EUR 1,553 million in the reporting period (previous year: EUR 1,380 million).



EARNINGS PERFORMANCEIncome statement

in EUR million

Jan. Sep. 2012

in % of Sales

Jan. Sep. 2011

in % of Sales

Change in %

Net Sales 1,738.5 100.0 1,559.6 100.0 11

Cost of sales (642.8) (37.0) (596.4) (38.2) (8)

Direct selling expenses (34.0) (2.0) (29.0) (1.9) (17)

Gross profit 1,061.7 61.1 934.2 59.9 14

Selling and distribution expenses (573.3) (33.0) (473.2) (30.3) (21)

Administraion costs and other operating income/expenses

(156.8) (9.0) (139.6) (9.0) (12)

Operating result (EBIT) 331.6 19.1 321.4 20.6 3

Interest income/expenses (11.6) (0.7) (11.8) (0.8) 2

Other financial items (3.4) (0.2) 1.2 0.1 < (100)

Financial result (15.0) (0.9) (10.6) (0.7) (42)

Earnings before taxes 316.6 18.2 310.8 19.9 2

Income taxes (76.0) (4.4) (74.6) (4.8) (2)

Net income 240.6 13.8 236.2 15.1 2

Attributable to:

Equity holders of the parent company 237.7 13.7 231.1 14.8 3

Minority interests 2.9 0.2 5.1 0.3

Net income 240.6 13.8 236.2 15.1 2

Earnings per share (in EUR) 1

Ordinary share 3.44 3.34 3

Preferred share 2 3.35

EBITDA 389.0 22.4 372.1 23.9 5

Special items EBITDA 2.7 0.2 0.0 0.0

EBITDA before special items 391.7 22.5 372.1 23.9 5

Income tax rate in % 24 24

1 Basic and diluted earnings per share.

2 Preferred shares were converted into ordinary shares on June 15, 2012 after the close of stock market trading.

Notes to the income statementGross profit margin rises to 61.1 %The GROSS PROFIT MARGIN increased by 120 basis points in the first nine months to 61.6 % (previous year: 59.9 %). Since the Groups own retail business generates a higher gross profit margin, the above-average sales growth in this distribution channel supported the positive development of this key figure. Furthermore, the ongoing optimization of global goods production and procurement also helped to improve margins. These effects compensated higher sales deductions in the Groups own retail business and higher impairments on stocks of finished goods and raw materials that will be difficult to sell. The GROSS PROFIT therefore increased by 14 % to EUR 1,062 million in the first nine months of fiscal year 2012 (previous year: EUR 934 million).



Expansion of Groups own retail causes higher distribution expensesAt EUR 573 million, SELLING AND DISTRIBUTION EXPENSES were up around 21 % on the previous years figure of EUR 473 million in the first nine months of fiscal year 2012. In relation to sales, selling and distribution expenses rose from 30 % to 33 %. As a result of the global expansion in the Groups own retail business in particular, distribution expenses increased by EUR 76 million in the first nine months of fiscal year 2012 and were therefore 25 % above the previous years level. This includes the additional expenses for net 169 new openings and takeovers in the reporting period within the global expansion of this distribution channel. At 15 %, marketing expenses increased more rapidly than sales. A key factor of this rise were expenses for further brand positioning with a clear emphasis on sharpening their unique identities in the eyes of the consumer. Asignificant portion of this was accounted for by the HUGO BOSS Fashion Show in Beijing, which represents a long-term investment in the Asian market, and by advertising campaigns in print and online media as well as sports sponsoring activities. In relation to sales, logistics expenses were held stable as against the same period of the previous year. This was aided by the optimization of global warehouse capacity that was already initiated in the previous fiscal year. Allowances for doubtful accounts and bad debt losses played only a minor role in the first nine months thanks to ongoing and systematic receivables management. More information is available in the notes to the condensed consolidated interim financial statements under chapter Notes to the consolidated income statement.

Administrative costs stable year-on-year as a percentage of salesAt EUR 157 million in the first nine months of fiscal year 2012, ADMINISTRATIVE EXPENSES AND THE BALANCE OF OTHER OPERATING INCOME AND EXPENSES were up by 12 % compared to the previous year (previous year: EUR 140 million). In relation to sales, administration costs and the balance of other operating expenses and income were kept constant at 9 %. The research and development costs incurred to create the collections rose by 18 % and in absolute terms by EUR 7 million to EUR 47 million (previous year: EUR 40 million). The special items of EUR 3 million (previous year: EUR 0 million) are associated with the simplification of the brand structure and the bundling of the creative areas under the core BOSS brand.

The internal performance indicator EBITDA BEFORE SPECIAL ITEMS increased by 5 % to EUR 392 million (previous year: EUR 372 million). The adjusted EBITDA margin declined by 140 basis points year-on-year to 22.5 % (previous year: 23.9 %).

DEPRECIATION AND AMORTIZATION increased by 13 % as compared to the previous years level to EUR 57 million (previous year: EUR 51 million).

At EUR 332 million, OPERATING INCOME (EBIT) was 3 % up on the previous years figure of EUR 321 million in the first nine months of fiscal year 2012. Positive sales development and the improvement in the gross profit margin compensated for higher operating expenses in distribution and marketing.

In the first nine months of fiscal year 2012, the FINANCIAL RESULT was higher than the previous years figure of EUR -11 million, at EUR -15 million. Net interest income/expense was unchanged on the previous years figure of EUR -12 million. Here, the low level of market interest rates affected the interest expense and the interest income in the same extent. Other financial items totaled EUR - 3 million (previous year: EUR 1 million). Compared with the previous year, the positive exchange rate effects were reduced through selective hedging activities. As a result, net income from exchange rate effects was virtually neutral in the first nine months of fiscal year 2012 (previous year: EUR 1 million income).



Increase in Group net income of 2 %EARNINGS BEFORE TAXES thus increased by 2 % to EUR 317 million (previous year: EUR 311 million). The TAX RATE was at the previous years level of 24 % (previous year: 24 %). Changes in the regional earnings mix resulting from the varying growth rates at the German and international companies of the HUGO BOSS Group had a neutral effect on its tax rate in the last six months.

In the first nine months of fiscal year 2012, NET INCOME was up 2 % compared to the prior year period to EUR 241 million (previous year: EUR 236 million). The consolidated earnings attributable to shareholders amounted to EUR 238 million, 3 % higher than the previous years figure (previous year: EUR 231 million).

EARNINGS PER ORDINARY SHARE rose 3 % year-on-year to EUR 3.44 (previous year: EUR 3.34). The conversion of preferred shares into ordinary shares became effective when trading closed on June 15, 2012. Since June 18, 2012, the registered HUGO BOSS shares are listed in both the regulated market of the Frankfurt Stock Exchange, namely the sub-segment of the regulated market with additional post-admission obligations (Prime Standard), and in the regulated market of the Stuttgart Stock Exchange.EARNINGS PER PREFERRED SHARE came to EUR 3.35 in the same period in the previous year.


19CONSOLIDATED INTERIM MANAGEMENT REPORTPROFIT DEVELOPMENT OF THE BUSINESS SEGMENTS

PROFIT DEVELOPMENT OF THE BUSINESS SEGMENTS

EUROPE

+ 7 % - 2 %

Sales development Europe (in EUR million) Earnings development Europe (in EUR million)

1,050.5985.4


392.0397.9


Currency-neutral sales in EUROPE including the Middle East/Africa increased by 6 % in the first nine months of fiscal year 2012. In reporting currency, they were up 7 % year-on-year at EUR 1,051 million (previous year: EUR985 million). Sales growth was posted in nearly all relevant European markets in the past nine months. At EUR 292 million, sales in GERMANY were up 3 % on the previous years level (previous year: EUR 284 million). In GREAT BRITAIN, sales increased by 18 % year-on-year in local currency and, at EUR 139 million, were up 25 % on the same period of the previous year in reporting currency (previous year: EUR 111 million). Sales also developed positively in the BENELUX COUNTRIES. Sales there increased 3 % on the same period in the previous year to EUR 124 million (previous year: EUR 120 million). At EUR 116 million, sales in FRANCE virtually matched the previous years level of EUR 118 million. This is attributable most notably to a slight fall in demand in wholesale business.

In Europe, sales of EUR 424 million were achieved in the GROUPS OWN RETAIL BUSINESS (previous year: EUR332million). This equates to a rise of 26 % in local currencies and 28 % in reporting currency. Currency-neutral sales with WHOLESALE customers were 5 % down on the previous year, while sales in Group currency shrank by 4 % to EUR 627 million (previous year: EUR 653 million).

The segment profit of EUR 392 million in Europe was 2 % below the previous years level of EUR 398 million. The takeover of various shop-in-shop units in Spain and Switzerland, the further expansion of the Groups own retail business and the expansion of online retail activities led to higher selling and distribution expenses. This could not be compensated for by the increase in sales. The adjusted EBITDA margin declined by 310 basis points to 37.3 % (previous year: 40.4 %).



AMERICAS

+ 22 % + 27 %

Sales development Americas (in EUR million) Earnings development Americas (in EUR million)

399.7

326.4


106.3

83.7


Growth in sales in local currencies of 13 % was posted in the AMERICAS in the first nine months of fiscal year 2012. In reporting currency, sales rose by 22 % year-on-year in this region to EUR 400 million (previous year: EUR 326 million).An increase in sales of 14 % in the local currency was generated in the U.S. in particular. At EUR 312 million in reporting currency, sales there rose 25 % and were up significantly on the previous years figure of EUR249million. Double-digit growth rates were generated in both the wholesale channel and in sales from the Groups own retail stores. In addition to a rise in sales at existing retail locations, additional sales were also generated through targeted new openings of own retail stores. In CANADA, sales were 8 % up year-on-year in reporting currency at EUR 54 million (previous year: EUR 50 million). Owing to the challenging market environ-ment in wholesale in particular, sales only rose slightly, by 1 % year-on-year, after adjustment for currency effects. In CENTRAL AND SOUTH AMERICA, an increase in sales of 27 % was generated in local currencies and of 25 % to EUR 34 million in reporting currency (previous year: EUR 27 million). This increase is due to the growing domestic demand as well as targeted new openings of own retail stores in Central and South America.

Sales in the GROUPS OWN RETAIL BUSINESS in local currencies increased by 14 % and came to EUR 172 million (previous year: EUR 139 million), which equates to an increase of 24 % in reporting currency. In the WHOLESALE CHANNEL, sales of EUR 228 million were generated in the same period (previous year: EUR 187 million). Sales therefore rose by 12 % in local currencies and by 21 % in Group currency.

The segment profit of EUR 106 million in Americas was 27 % above the previous years level of EUR 84 million. In addition to an increase in sales, the main factor behind the improvement in earnings was a better gross profit margin thanks to a consistent pricing strategy. The adjusted EBITDA margin in this region climbed by 100 basis points to 26.6 % in the first nine months of fiscal year 2012 (previous year: 25.6 %).



ASIA/PACIFIC

+ 16 % + 16 %

Sales development Asia/Pacific (in EUR million) Earnings development Asia/Pacific (in EUR million)

250.2215.2


87.075.0


Sales in ASIA/PACIFIC rose by 5 % in local currencies year-on-year. In reporting currency, sales rose by 16 % on the previous years level to EUR 250 million (previous year: EUR 215 million). Sales in CHINA increased by 7 % year-on-year in local currencies and were up 19 % on the level of the previous year in reporting currency at EUR 149 million (previous year: EUR 125 million). Owing to muted private consumer spending, sales in AUSTRALIA declined by 4 % after adjustment for currency effects. In reporting currency, sales rose by 5 % on the previous years level to EUR 40 million (previous year: EUR 38 million). Sales development in the JAPANESE MARKET recovered slightly in the first nine months of fiscal year 2012 and was 3 % up on the previous years figure after adjustment for currency effects. In reporting currency, sales rose by 15 % on the previous years level to EUR 33 million (previous year: EUR 29 million).

In local currencies, sales in the GROUPS OWN RETAIL BUSINESS increased by 9 % in Asia/Pacific and, at EUR 193 million were 21 % above the previous years level of EUR 159 million. By contrast, sales with WHOLESALE customers were 7 % down year-on-year after adjustment for currency effects, however, at EUR57million, an increase of 3 % was achieved in Group currency (previous year: EUR 56 million).

With sales rising, segment profit in the Asia/Pacific region amounted to EUR 87 million, up 16 % on the previous years figure of EUR 75 million. Higher selling and distribution expenses were offset by an increase in sales, most notably in the Groups own retail business and the associated improvement in the gross profit margin. At 34.8 %, the adjusted EBITDA margin in this region virtually matches the previous years level of 34.9 %.



ROYALTIES

+ 17 % + 24 %

Sales development Royalties (in EUR million) Earnings development Royalties (in EUR million)

38.132.6


34.3

27.7


There was a positive trend in ROYALTY BUSINESS in the first nine months of fiscal year 2012. Royalty sales concern license income from third parties. Products manufactured by partners include fragrances, eyewear, watches, childrens fashion, motorcycle helmets, mobile phones, mobile accessories and home textiles. External sales with outside licensees increased by 17 % as against the previous year to EUR 38 million (previous year: EUR33million). High growth rates were generated in sales with licensees for fragrances, mobile phones, childrens fashion, home textiles and watches in particular.

The royalties segment profit of EUR 34 million was 24 % higher than the previous years level of EUR 28 million. This includes other income generated by the sale of trademark rights of the Baldessarini fragrance.


23CONSOLIDATED INTERIM MANAGEMENT REPORTNET ASSETS AND FINANCIAL POSITION

NET ASSETS AND FINANCIAL POSITION

BALANCE SHEET STRUCTURE AND KEY BALANCE SHEET RATIOSAs of the end of the third quarter, TOTAL ASSETS rose 15 % to EUR 1,480 million (September 30, 2011: EUR 1,291 million). In particular, this change was due to an increase in property, plant and equipment and inventories as a result of the further expansion of the Groups own retail operations.

The EQUITY RATIO rose to 39 % year-on-year (September 30, 2011: 35 %).

The SHARE OF CURRENT ASSETS only decreased slightly as against the previous year to 62 % (September 30,2011: 63 %). Accordingly, the SHARE OF NON-CURRENT ASSETS rose from 37 % in the previous year to 38 % as of September 30, 2012.

Also the STRUCTURE OF EQUITY AND LIABILITIES changed as against the previous year. At the end of the reporting period, the share of financial liabilities decreased slightly year-on-year from 30 % in the previous year to 26 %. By contrast, the share of equity expanded.

Financial liabilities 385.8

Other liabilities 136.1

Provisions and deferred taxes 150.3

Trade payables 163.4

570.6 (+ 25 %)

198.7 (+ 22 %)

381.1 ( 1 %)

152.6 (+ 12 %)

176.8 (+ 18 %)

Shareholders equity 454.9

Sep. 30, 2012

1,479.8 (+ 15 %)

Sep. 30, 2011

1,290.5

Equity and liabilities

Cash and cash equivalents 111.4

Other assets 148.1

Inventories 399.3

Trade receivables 234.3

457.4 (+ 15 %)

262.1 (+ 12 %)

198.9 (+ 34 %)

446.6 (+ 12 %)

Balance sheet structure (inEUR million)

Property, plant and equipment and intangible assets 397.4

Sep. 30, 2012

1,479.8 (+ 15 %)

Sep. 30, 2011

1,290.5

Assets

114.8 (+ 3 %)



NET ASSETSUnder assets, NON-CURRENT ASSETS climbed by 15 % to EUR 457 million at the end of the reporting period (September 30, 2011: EUR 397 million). Investments in the further expansion of the Groups own retail network and the ongoing development of operating IT systems added to the increase. This item also increased because of the expansion of logistic capacity and the construction of an office building at the Metzingen site.

Increase in inventories essentially driven by expansion of Groups own retail businessAs of the end of the reporting period, INVENTORIES were up 12 % at EUR 447 million (September 30, 2011: EUR 399 million). Adjusted for currency effects, inventories rose by 6 % year-on-year. This growth reflects primarily the continued expansion of the Groups own retail business. The average Days Inventory Outstanding (DIO) increased year-on-year as of the end of the third quarter.

Increase in trade receivables due to transition in delivery cyclesTRADE RECEIVABLES rose 12 % year-on-year to EUR 262 million (September 30, 2011: EUR 234 million). Adjusted for currency effects, this marks an increase of 9 %. A key driver of this development was the change in the schedule of product deliveries compared to the previous year resulting from the change of the collection cycle. The average Days Sales Outstanding (DSO) was slightly down on the previous years level.

OTHER ASSETS rose by 34 % year-on-year to EUR 199 million (September 30, 2011: EUR 148 million). This rise was predominantly due to the increase in deferred tax assets.

CASH AND CASH EQUIVALENTS amounted to EUR 115 million as of September 30, 2012 (September 30, 2011: EUR 111 million). This is mainly attributable to the development of the cash flow from operating activities, which had a positive impact on the Groups liquidity situation.

Under equity and liabilities, PROVISIONS AND DEFERRED TAXES increased to EUR 177 million (September 30, 2011: EUR 150 million). This item includes provisions for pensions and other staff costs of EUR 80 million (30.09.11: EUR 75 million). It also includes other provisions totaling EUR 44 million (30.09.11: EUR 41 million) and deferred tax liabilities of EUR 53 million (30.09.11: EUR 34 million).

TRADE PAYABLES were up 22 % year-on-year at EUR 199 million (September 30, 2011: EUR 163 million). After currency adjustment, this marks a rise of 20 %. The increase is essentially due to earlier sourcing of goods in order to meet the modified delivery windows in fiscal year 2012.

As of September 30, 2012, total CURRENT AND NON-CURRENT FINANCIAL LIABILITIES declined by 1 % to EUR 381 million (September 30, 2011: EUR 386 million). The decline in non-current financial liabilities of EUR307 million is mainly due to the change in the recognition of the syndicated loan as a current financial liability. By contrast, current financial liabilities also rose because of local refinancing arrangements. In addition to the set tranche of the syndicated loan, financial liabilities include negative fair values of interest and currency hedges totaling EUR 16 million (September 30, 2011: EUR 22 million).

OTHER LIABILITIES rose by 12 % compared with the same period in the previous year to EUR 153 million (September 30, 2011: EUR 136 million). In addition to income tax liabilities, this item also includes the deferred liabilities from lease obligations for the Groups own retail stores and for outstanding wage and salary payments, overtime and vacation entitlement.



Increase in trade net working capital reflects changes to the collection cycleTRADE NET WORKING CAPITAL is the HUGO BOSS Groups key performance indicator for measuring the efficient use of capital. The only three components involved in calculating this figure are the operating figures for inven-tories, trade receivables and trade payables.

As against the previous year, trade net working capital rose by 8 % to EUR 510 million (September 30, 2011: EUR 470 million). The increase in inventories and trade receivables was partly offset by the increase in trade payables.

At 21.0 %, the rolling twelve-month average of TRADE NET WORKING CAPITAL AS A PERCENTAGE OF SALES was higher than the previous years level of 19.6 %. The increase on the balance sheet date is essentially attributable to the postponements in the procurement and delivery of goods associated with the changed collection cycle.



FINANCIAL POSITION

Free cash flow (in EUR million) Net financial liabilities (in EUR million)

102.196.6


249.9247.2

Sep. 30, 2012Sep. 30, 2011

Statement of cash flowsThe statement of cash flows is presented in accordance with IAS 7. The cash and cash equivalents shown here are the same as the item of the same name in the statement of financial position.

Cash flow from operating activities rose compared to previous yearThe CASH FLOW FROM OPERATING ACTIVITIES rose compared with the previous year, amounting to EUR 196 million after the end of the first nine months of fiscal year 2012 (previous year: EUR 158 million). The change of the collection cycle resulted in a reduced cash outflow from current net assets of EUR 105 million (previous year: EUR 148 million). Here, the change in inventories, in particular, had a positive impact of EUR 10 million (previous year: negative impact of EUR 26 million) on operating cash flow.

CASH USED IN INVESTING ACTIVITIES amounted to EUR 93 million in the reporting period and was therefore up 53 % on the previous years level (previous year: EUR 61 million). At the same time, at EUR 88 million, total capital expenditure in property, plant and equipment and intangible assets was up on the previous years figure of EUR 61 million. The main drivers were investments in the construction of a distribution center in Filderstadt and an office building in Metzingen as well as the continuing expansion of the Groups own retail network.

At EUR 102 million, the FREE CASH FLOW, calculated from the cash provided by operating activities and cash used in investing activities, was up compared with the previous years figure of EUR 97 million.

CASH USED IN FINANCING ACTIVITIES amounted to a total of EUR 188 million in the first nine months of fiscal year 2012 (previous year: EUR 280 million) and mainly resulted from cash outflow from the payment of the dividend of EUR 199 million (previous year: EUR 140 million) and a cash inflow of EUR 15 million (previous year: cash inflow of EUR 12 million) from the change in current financial liabilities based on local refinancing transactions. The cash outflow in the same period in the previous year was dominated by the partial repayment of the syndicated loan of EUR 150 million.

CASH AND CASH EQUIVALENTS amounted to EUR 115 million as of September 30, 2012 (previous year: EUR111million).



Net financial liabilitiesNet financial liabilities are the total of all financial liabilities due to banks less cash and cash equivalents.

Slight increase in net financial liabilitiesAs of the reporting date, financial liabilities due to banks were slightly up on the previous years level, at EUR365 million (September 30, 2011: EUR 359 million) because of local refinancing arrangements.

The cash liquidity reserve increased from EUR 111 million in the previous year to EUR 115 million as of September 30, 2012. The increase is due to changes in cash provided by operating activities.

NET FINANCIAL LIABILITIES have therefore increased by EUR 3 million from EUR 247 million to EUR 250 million as of September 30, 2012.

CAPITAL EXPENDITUREIncrease in investment volume driven by retail operations and infrastructure projectsThe total capital expenditure by the HUGO BOSS Group in property, plant and equipment and intangible assets amounted to EUR 88 million, 44 % up on the prior-year level (previous year: EUR 61 million).

The GLOBAL EXPANSION AND MODERNIZATION OF THE GROUPS OWN RETAIL OPERATIONS was again at the heart of investing activity in the first nine months of fiscal year 2012, accounting for 61 % of total investments (previous year: 75 %). Investments in new stores amounted to EUR 34 million (previous year: EUR 36 million). In Europe, the store in the Brompton Road in London was opened among others, while stores were opened in Salt Lake City and Manhasset, for instance, in the Americas. The new stores in the Taipeh Tower, in the Crown Casino in Melbourne and in the China World shopping mall in Beijing must also be highlighted in Asia/Pacific. In addition, a further EUR 20 million was invested in the renovation and modernization of existing retail locations (previous year: EUR 9 million), which was in particular attributable to the flagship store on the Champs-Elyses in Paris, to stores in the Iguatemi premium shopping mall in So Paulo, in King Street in Sydney and in Regent Street in London.

ADMINISTRATIVE investments amounted to EUR 27 million and increased significantly compared with the previous year (previous year: EUR 10 million). This figure includes investments of EUR 19 million for the new distribution center in Filderstadt and a new office building at the Metzingen site. Investments in IT infrastructure accounted for EUR 8 million of the investment volume.

Other investments in PRODUCTION, LOGISTICS AND THE DISTRIBUTION STRUCTURE amounted to EUR 7 million (previous year: EUR 6 million).


28CONSOLIDATED INTERIM MANAGEMENT REPORTREPORT ON RISKS AND OPPORTUNITIES

REPORT ON RISKS AND OPPORTUNITIES

HUGO BOSS has a comprehensive risk management system enabling Management to identify and analyse opportunities and risks as well as to take appropriate measures at an early stage. The risk situation has not changed materially compared to the reporting year 2011. A detailed overview of risks and opportunities can be found in the annual report 2011. All statements included therein regarding risks and opportunities continue to be valid.


29CONSOLIDATED INTERIM MANAGEMENT REPORTSUBSEQUENT EVENTS AND OUTLOOK

SUBSEQUENT EVENTS AND OUTLOOK

HUGO BOSS expects to exceed the previous years results in 2012. The implementation of the medium-term growth strategy will help the Group to raise its sales and its operating result to new record levels. Group sales should increase by up to 10 % year-on-year on a currency-adjusted basis. The operating result (EBITDA before special items) is likely to see growth of 10 % to 12 %, primarily due to the expansion of the Groups own retail business and efficiency improvements.

SUBSEQUENT EVENTSWith effect from October 2, 2012, the HUGO BOSS Group has established a new subsidiary in Russia, HUGO BOSS Rus GmbH, Moscow, Russia. The HUGO BOSS Group holds 100 % of the shares in this company.

No further reportable eventsSince the end of the first half of 2012, there have been no further significant macroeconomic, socio-political, sector-related or company-specific changes that Management expects to have a material influence on the results of operations, net assets, and financial position of the HUGO BOSS Group.

OUTLOOKThe following report sets out the HUGO BOSS Managements forecasts for the future business performance and describes the anticipated development of the main economic and sector-specific conditions. The Management is aware of the fact that the actual development may differ considerably from these forecasts, either positively or negatively, due to the occurrence of risks and opportunities as described in the report on risks and opportunities contained in the 2011 annual report. Other than the statutory publication requirements, the HUGO BOSS Group does not assume any obligation to update the statements contained in this report.

Outlook for growth in the global economy fraught with considerable risksConsiderable uncertainty will continue to dominate the outlook for the global economy. Experts forecast growth of 3 % for the global economy in 2012 as a whole, which is a slowdown in growth compared with the previous year. Economists consider that global economic growth will probably be affected for the foreseeable future most notably by measures to contain the sovereign debt crisis in Europe and the political dealing with the budget deficit in the U.S.

Economists expect a recession in EuropeThe economic prospects for 2012 have deteriorated further in EUROPE in recent months. Economists expect a slight fall in economic activity. This will not only affect the peripheral countries, which are suffering from substantial levels of government debt and surging unemployment in particular, but will increasingly affect the core countries of the euro zone as well because of close trading relations and financial interdependency. The latter are also affected by a slowdown in global export demand and, in many cases, weaker domestic demand because of the perceived uncertainty regarding economic growth. In Germany, in contrast to the region as a whole, growth of just under 1 % is expected.



American economy to see moderate growth Moderate economic growth of around 2 % is expected for the U.S. in 2012. Continuing support in terms of monetary policy, the increasing stabilization of the real estate market and a slight fall in the unemployment rate are likely to contribute to this. In the event of political agreement not being reached, however, economic growth in the U.S. will suffer medium-term damage from the tax increases and cuts in expenditure (fiscal cliff) imposed by the budget. Economists forecast a slight slowdown in growth rates in LATIN AMERICA as a result of the deterioration in the global economy. Overall, the economy there is expected to grow by just under 3 %.

Declining growth momentum in AsiaEconomic growth is expected to slow year-on-year in Asia. The expansionary dynamic is expected to slow in China, in particular, in 2012 as a consequence of falling exports and weaker domestic demand. However, economists expect a moderate recovery at year-end because of extensive measures in terms of both monetary and fiscal policy to support growth. Experts expect economic growth of just under 8 % in China in 2012. In the mature markets of Japan and Australia, reconstruction following the severe earthquake and the booming commodities market respectively will support growth.

Continued sector growth expectedContinued growth in the premium and luxury goods sector is expected in 2012. According to sector experts, the currency-neutral growth rate will be around 5 %, which is lower than in the previous year. This reflects, above all, the slowdown in global economic growth and weaker sector performance in China. Despite this, the premium and luxury goods industry is expected to grow more strongly than the economy as a whole.

All regions are contributing to sector growthAll regions are expected to contribute to the sectors growth in 2012. In EUROPE, a strong performance by Eastern European markets and demand from Asian tourists in particular will more than offset a weaker environment in Western and most notably Southern Europe. Moderate growth is expected on the AMERICAN CONTINENT, to which the CENTRAL AND LATIN AMERICAN MARKETS will make an above-average contribution. Sector experts also assume continued growth in ASIA. However, the deterioration in consumer sentiment will be reflected in lower average sector growth rates compared with the previous year.

Increase in currency-neutral sales of up to 10 % expected HUGO BOSS expects to grow its sales by up to 10 % on a currency-neutral basis in 2012. The Group anticipates that this increase will exceed the growth rates for the global economy and the luxury goods sector. However, given the anticipated deterioration in the sector environment, growth rates in the second half will be below those of the first half.



Growth in all regionsAll regions will contribute to the forecasted sales increase for the Group as a whole in 2012. In Europe growth is expected particularly in the core markets of Western Europe and in Eastern Europe. However, the countries directly affected by the sovereign debt crisis may see a comparatively weaker development. In the Americas, the U.S. market is likely to remain the major growth driver. The sales development in the Asia/Pacific region will be supported above all by the expansion of the market presence in China and growth in the regions emerging economies. The royalties segment should also develop positively.

Own retail business as engine of sales growthOwn retail will be the main sales driver for the Group as a whole in 2012. Sales are expected to increase at a double-digit rate, mainly as a result of strong growth in directly operated stores and online. In addition to the positive effects of the expansion of the Groups own store network, comp store revenues are also forecasted to rise. The Group is benefiting here from further professionalization of its retail activities and the appeal of its brands. Wholesale sales are expected to be approximately stable on a currency-neutral basis. This forecast is based on retail partners preorders and the anticipated performance of the replenishment business. The takeover of stores and shop-in-shops previously run by franchise partners will lead to a moderately positive impact on sales in the Groups own retail business that will more than compensate for the loss of wholesale sales associated with the acquisitions.

Continued sales space expansion in own retailThe HUGO BOSS Group will continue to expand its own retail business in 2012. The Group plans to open around 80 new stores and shop-in-shops on a net basis. The shop-in-shops will be significantly smaller as compared to freestanding stores. China will be an important focus in terms of store openings. However, the Group also sees attractive opportunities for further expansion of the retail network in Europe and to a lesser extent in America. In addition to this, the number of own retail stores will increase due to smaller franchise acquisitions in Taiwan and China and the active management of shop-in-shop space at wholesale partners.

Double-digit increase in operating resultHUGO BOSS plans to grow its operating result (EBITDA before special items) by 10 % to 12 % in 2012. The main drivers of this development will be the expansion and improved management of the Groups own retail business and efficiency gains in product development and sourcing. Operating expenses will rise mainly due to the further expansion of own retail activities and higher marketing expenses for strengthening the brand image. As a result of the EBITDA improvement before special items, net income is also forecasted to grow.

SALES GROWTH (CURRENCY-ADJUSTED)

Up to 10 %

GROWTH OF EBITDA BEFORE SPECIAL ITEMS

10 % to 12 %

CAPITAL EXPENDITURE Above prior year level

OWN RETAIL NETWORK Around 80 organic openings

Outlook 2012



Strict management of trade net working capitalStrict management of trade net working capital is a high priority in order to generate improvements in operating cash flow. Particular attention is given to reducing the cash conversion cycle. Potential for improvement is seen particularly in increasing inventory turnover in the Groups own retail business. The Group expects that trade net working capital at the year-end will grow less than sales.

Own retail focus of investment activitiesIn 2012 capital expenditure will focus on expanding own retail activities and renovating existing stores and shops. Additional investments will be related to the planned construction of a new distribution center for flat-packed goods near the Companys headquarters. The Groups total investments will therefore be above the level of the previous year in 2012.

Continued strong cash flow developmentThe Group anticipates that cash flow will develop strongly in 2012, primarily due to the planned operating result improvement, strict management of trade net working capital, and disciplined investment activity. In addition to the dividend payment, free funds are to be used to further reduce debt. Accordingly, the Group expects net debt at the end of the year to be lower than in the previous year.

Ambitious medium-term growth plansThe Group plans to generate significant sales and earnings increases in the medium term. The Group strategy is based on organic growth of the existing brand portfolio. Group sales are to reach EUR 3 billion in 2015. The operating result (EBITDA before special items) is to be increased to EUR 750 million in the same year. The Group expects to make further progress towards achieving these goals in 2013. The ongoing sovereign debt crisis in Europe and its effects on the real economy as well as cost inflation in the sourcing processes could jeopardize the achievement of these goals. The Group has taken precautions to limit the probability of these or other risks occurring and the effects should they materialize. Details can be found in the risk report in the annual report 2011.


33CONSOLIDATED INTERIM MANAGEMENT REPORTSUMMARY ON EARNINGS, NET ASSETS AND FINANCIAL POSITION

SUMMARY ON EARNINGS, NET ASSETS AND FINANCIAL POSITION

In summary, earnings, net assets and the financial position indicate that HUGO BOSS Group continued to be in a sound financial position at the time that this report for the first nine months of fiscal year 2012 was prepared.

Metzingen, October 22, 2012

HUGOBOSS AGThe Managing Board

CLAUS-DIETRICH LAHRS

CHRISTOPH AUHAGEN

MARK LANGER

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

03


35CONSOLIDATED INTERIM FINANCIAL STATEMENTSCONSOlIdaTEd INCOME STaTEMENT

CONSOLIDATED INCOME STATEMENTof the HUGO BOSS Group for the period from January 1 to September 30, 2012

in EUR million Jan. Sep. 2012 Jan. Sep. 2011

Net sales 1,738.5 1,559.6

Cost of sales (642.8) (596.4)

direct selling expensesn (34.0) (29.0)

Gross Profit 1,061.7 934.2

in % of Sales 61.1 59.9

Selling and distribution expenses (573.3) (473.2)

administration costs and other operating income/expenses (156.8) (139.6)

Operating result (EBIT) 331.6 321.4

in % of Sales 19.1 20.6

Net interest income/expense (11.6) (11.8)

Other financial items (3.4) 1.2

Financial result (15.0) (10.6)

Earnings before taxes 316.6 310.8

Income taxes (76.0) (74.6)

Net income 240.6 236.2

attributable to:

Equity holders of the parent companys 237.7 231.1

Minority interests 2.9 5.1


Earnings per share (EUR) 1

Common share 3.44 3.34

Preferred share 2 3.35


2 Preferred shares were transferred to common shares on June, 15 after th close of stock market trading.


36CONSOLIDATED INTERIM FINANCIAL STATEMENTSSTATEMENT OF COMPREHENSIVE INCOME

STATEMENT OF COMPREHENSIVE INCOMEof the HUGO BOSS Group for the period from January 1 to September 30, 2012

in EUR millionJan. Sep.

2012Jan. Sep.

2011


Market valuation of hedges 5.4 4.4

Currency differences 3.6 (5.5)

Income and expenses recognized directly in equity 9.0 (1.1)

Total comprehensive income 249.6 235.1

Attributable to:

Equity holders of the parent company 246.6 230.0

Minority interests 3.0 5.1

Total comprehensive income 249.7 235.1


37CONSOLIDATED INTERIM FINANCIAL STATEMENTSCONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET of the HUGO BOSS Group as of September 30, 2012

ASSETS

in EUR million September 30, 2012 September 30, 2011 December 31, 2011

Intangible Assets 139.8 138.1 141.1

Property, plant and equipment 317.6 259.3 285.5

Deferred tax assets 86.5 60.8 79.2

Non-current financial assets 9.2 14.4 13.7

Non-current tax receivables 2.7 2.6 2.7

Other non-current assets 2.4 2.5 2.7

Non-current assets 558.2 477.7 524.9

Inventories 446.6 399.3 457.9

Trade receivables 262.1 234.3 174.6

Current tax receivables 13.5 7.6 8.2

Current financial assets 8.4 11.1 11.7

Other current assets 76.2 49.1 71.3

Cash and cash equivalents 114.8 111.4 200.4

Current assets 921.6 812.8 924.1

Total assets 1,479.8 1,290.5 1,449.0

EQUITY & LIABILITIES

in EUR million September 30,2012 September 30, 2011 December 31, 2011

Subscribed capital 70.4 70.4 70.4

Own shares (42.3) (42.3) (42.3)

Capital reserve 0.4 0.4 0.4

Retained earnings 292.7 207.3 207.3

Accumulated other comprehensive income (12.0) (32.9) (20.9)

Profit attributable to equity holders of the parent company

237.7 231.1 284.5

Equity attributable to equity holders of the parent company

546.9 434.0 499.4

Minority interests 23.7 20.9 23.8

Group Equity 570.6 454.9 523.2

Non-current provisions 42.6 45.0 40.9

Non-current financial liabilities 48.3 355.4 355.0

Deferred tax liabilities 53.3 34.2 49.6

Other non-current liabilities 13.9 14.6 15.6

Non-current liabilities 158.1 449.2 461.1

Current provisions 80.9 71.1 89.8

Current financial liabilities 332.9 30.4 33.5

Income tax payables 53.3 53.9 36.3

Trade payables 198.7 163.4 225.1

Other current liabilities 85.3 67.6 80.0

Current liabilities 751.1 386.4 464.7

Total equity and liabilities 1,479.8 1,290.5 1,449.0

H U G O B O S SHALBJAHRESFINANZBERICHT 2012

38CONSOLIDATED INTERIM FINANCIAL STATEMENTSSTATEMENT OF CHANGES IN CONSOLIDATED EQUITY

STATEMENT OF CHANGES IN CONSOLIDATED EQUITY of the HUGO BOSS Group for the period from January 1 to September 30, 2012

Retained Earnings

Accumulated other comprehensive income

in EUR million

Subscribed Capital

OwnShares

Capital Reserve

Legal Reserve

Other Reserves

Differences arising

from currencytranslation

Market

valuation ofhedges

Profit attributable toequity holders

of the parent

Equity attributable

toequity holders ofthe parent

Minority interests

Group Equity

January 1, 2011 70.4 (42.3) 0.4 6.6 154.5 (14.9) (16.9) 185.9 343.7 17.4 361.1

Total comprehensive income (5.5) 4.4 231.1 230.0 5.1 235.1

Allocated to retained earnings 185.9 (185.9)

Dividend payment (139.7) (139.7) (1.6) (141.3)

Sep. 30, 2011 70.4 (42.3) 0.4 6.6 200.7 (20.4) (12.5) 231.1 434.0 20.9 454.9

January 1, 2012 70.4 (42.3) 0.4 6.6 200.7 (9.5) (11.4) 284.5 499.4 23.8 523.2

Total comprehensive income 3.5 5.4 237.7 246.6 3.0 249.6

Allocated to retained earnings 284.5 (284.5)

Dividend payment (199.1) (199.1) (3.1) (202.2)

Sep. 30, 2012 70.4 (42.3) 0.4 6.6 286.1 (6.0) (6.0) 237.7 546.9 23.7 570.6


39CONSOLIDATED INTERIM FINANCIAL STATEMENTSCONSOLIDATED STATEMENT OF CASH FLOWS

CONSOLIDATED STATEMENT OF CASH FLOWS of the HUGO BOSS Group for the period from January 1 to September 30, 2012


2012Jan. Sep.

2011


Depreciation/amortization 57.4 50.7

Unrealized net foreign exchange gain/loss (0.5) (0.7)

Other non-cash transactions 3.4 11.4

Income tax expense/refund 76.0 74.6

Interest income and expenses 11.6 11.8

Change in inventories 10.0 (26.2)

Change in receivables and other assets (82.6) (93.7)

Change in trade payables and other liabilities (32.6) (27.6)

Result from disposal of non-current assets 0.9 (3.3)

Change in provisions for pensions 5.0 4.1

Change in other provisions (12.5) (9.9)

Income taxes paid (69.6) (57.7)

Cash flow from operations 207.1 169.7

Interest paid (13.8) (15.4)

Interest received 2.2 3.4

Cash flow from operating activities 195.5 157.7

Investments in PPE 1 and intangible assets (87.5) (60.8)

Payment for changes in scope of consolidation (6.2) (5.4)

Cash receipts from sales of PPE 1 and intangible assets 0.3 5.1

Cash flow from investing activities (93.4) (61.1)

Dividens paid to equity holders of the parent (199.1) (139.7)

Dividends paid to non-controlling interests (3.1) (1.6)

Change in current financial liabilities 15.3 12.0

Repayment of non-current financial liabilities (1.4) (150.4)

Cash receipts from non-current financial liabilities 0.0 0.0

Cash flow from financing activities (188.3) (279.8)

Exchange rate-related changes in cash and cash equivalents 0.6 (0.3)

Change in cash and cash equivalents (85.6) (183.5)

Cash and cash equivalents at the beginning of the period 200.4 294.9

Cash and cash equivalents at the end of the period 114.8 111.4

1 Property, plant and equipment


40CONSOLIDATED INTERIM FINANCIAL STATEMENTSCONDENSED NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

CONDENSED NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1 // GENERAL INFORMATION The interim financial report of HUGO BOSS AG as of September 30, 2012, prepared pursuant to Section 37xof the Securities Trading Act in accordance with the International Financial Reporting Standards (IFRS ) and their interpretations that were valid as of the balance sheet date. The regulations of IAS 34 on Interim Financial Reporting were applied in particular. The consolidated interim management report and the consolidated interim financial statements were not audited in line with Article 317 of the German Commercial Code nor were they subjected to a review on the part of a person authorized to conduct an audit.The condensend consolidated interim financial statements and consolidated interim management report of HUGO BOSS AG, Metzingen, were authorized for issue to the Supervisory Board by the Managing Board on October 22, 2012. Before publication the condensend consolidated interim financial statement and the consoli-dated interim management report was discussed with the supervisory boards audit committee.

2 // ACCOUNTING POLICIES All interim reports of companies included in the consolidated interim report were prepared with uniform accounting policies, which were also the basis of the consolidated financial statements as of December31,2011. A detailed description of the applied accounting and consolidation methods can be found in the notes to the 2011 consolidated financial statements.

3 // CURRENCY TRANSLATION The exchange rates of the most relevant currencies used in the interim statements changed as follows in relation to the euro in the reporting period:

Currency Average Rate Closing Rate

Country

1 EUR =

Jan. Sep. 2012

Jan. Sep. 2011

Jan. Dec. 2011

Sep. 30, 2012

Sep. 30, 2011

Dec. 31, 2011

Australia AUD 1.2388 1.3537 1.3485 1.2396 1.3864 1.2723

Brazil BRL 2.4545 2.2923 2.3256 2.6232 2.4994 2.4159

Canada CAD 1.2846 1.3745 1.3758 1.2684 1.4049 1.3215

China CNY 8.1098 9.1391 8.9973 8.1261 8.7103 8.1588

Denmark DKK 7.4386 7.4543 7.4507 7.4555 7.4422 7.4342

Great Britain GBP 0.8123 0.8711 0.8677 0.7981 0.8707 0.8353

Hong Kong HKD 9.9440 10.9489 10.8344 10.0258 10.6107 10.0510

Japan JPY 101.6714 113.2962 111.0283 100.3700 104.4600 100.2000

Macau MOP 10.2475 11.2799 11.1633 10.2834 10.8825 10.3381

Mexico MXN 16.9505 16.9069 17.2748 16.6086 18.3650 18.0512

Norway NOK 7.5136 7.8046 7.7940 7.3695 7.8430 7.7540

Sweden SEK 8.7345 9.0050 9.0273 8.4498 9.2116 8.9120

Switzerland CHF 1.2044 1.2354 1.2338 1.2099 1.2207 1.2156

USA USD 1.2816 1.4062 1.3917 1.2930 1.3615 1.2939



4 // ECONOMIC AND SEASONAL INFLUENCES As a global company, the HUGO BOSS Group is exposed to various economic developments. Industry-specific seasonal fluctuations are typical for HUGO BOSS. However, HUGO BOSS operations have changed fundamen-tally in past years. While the business used to be dominated by two pre-order seasons (spring/ summer and fall/winter) with orders being placed accordingly early, it has now become increasingly complex. For example, pre-order business now consists of four seasonal sales every year. In addition, the significance of seasonal influences is decreasing as a result of the global expansion of directly operated retail activities. Furthermore, HUGO BOSS also makes every effort to increase efficiency through greater use of stock business to service less fashion-oriented items. The number of monthly theme-oriented deliveries is also climbing continuously. These effects are steadily reducing the seasonality over the course of HUGO BOSS business.

5 // SCOPE OF CONSOLIDATION During the reporting period from January 1 to September 30, 2012, the number of consolidated companies remained the same in comparison to the consolidated financial statements as of December 31, 2011, at 54 companies.

6 // MINORITY INTERESTS The consolidated financial statements include companies in which HUGO BOSS AG holds less than 100 % of the equity. In accordance with IAS 27, these minority interests are reported in equity separately from the equity held by the shareholders of HUGO BOSS AG in the consolidated balance sheet.

7 // NOTES TO THE CONSOLIDATED INCOME STATEMENT

COST OF SALES AND DIRECT SELLING EXPENSES


2012Jan. Sep.

2011

cost of goods 595.9 557.5

Own production 46.9 38.9

Direct selling expenses 34.0 29.0

676.8 625.4

Direct selling costs primarily include sales commissions, freight and duties charges as well as credit card fees.

SELLING AND DISTRIBUTION EXPENSES


2012Jan. Sep.

2011

Expenses for own retail business, indirect sales and marketing organization377.7 301.4

Marketing spendings 103.0 89.9

Logistics and sourcing expenses 90.2 80.3

Bad Debts/Losses 2.4 1.6

573.3 473.2



Alongside personnel expenses, rental expenses are the largest item in the expenses for the Groups own retail business, indirect selling and marketing organization.In addition to personnel and rental expenses for wholesale distribution, the expenses for indirect selling and marketing organization also include other expenses for retail services and regional sales management.

ADMINISTRATIVE COSTS AND OTHER OPERATING EXPENSES/INCOME


2012Jan. Sep.

2011

General administration costs 107.3 100.1

Research and development costs 46.8 39.5

Special items 2.7 0.0

156.8 139.6

Administrative expenses consist largely of rent for premises, maintenance costs, IT operating costs, legal and consulting fees, as well as the personnel expenses of the respective functional areas. In the HUGO BOSS Group, research and development expenses are incurred primarily for the creation of fashion collections. The special items of EUR 3 million (previous year: EUR 0 million) are associated with the simplification of the brand structure and the bundling of the creative areas under the core BOSS brand.

The personnel expenses break down as follows:


2012Jan. Sep.

2011

Wages and salaries 280.1 230.9

Social security 43.8 37.9

Expenses and income for retirement benefits and aid 6.7 4.6

330.6 273.4

The number of employees changed as follows: Sep. 30,

2012Sep. 30,

2011

Industrial employees 4,086 4,673

Commercial and administrative employees 7,398 5,898

11,484 10,571

Depreciation and amortization break down as follows:


2012Jan. Sep.

2011

Non-current Assets

Tangible Assets 45.4 39.9

Intangible Assets 12.0 10.8

57.4 50.7



8 // EARNINGS PER SHARE Pursuant to IAS 33, earnings per share (EPS) are calculated by dividing the net income or loss for the period by the weighted average number of shares outstanding during the period. There were no shares outstanding that could have diluted earnings per share either as of September 30, 2012 or as of September 30, 2011.


2012Jan. Sep.

2011

Net income attributable to equity holders of the parent company 237.7 231.1

Average number of shares outstanding 1

Ordinary shares 69,016,167 35,331,445

Preferred shares 2 33,684,722

EPS common shares in EUR 3 3.44 3.34

EPS preferred shares in EUR 2, 3 3.35

1 Regardless of own shares.

2 Preferred shares were converted into ordinary shares on June, 15 after the close of stock market trading.


9 // TREASURY SHARES In the first nine months of fiscal year 2012, HUGO BOSS AG did not purchase any treasury shares. HUGO BOSS AG holds a total of 1,383,833 ordinary shares. This corresponds to a share of 1.97 % or EUR 1,383,833 of the share capital. The total of treasury shares include 855.278 former preferred shares, which were transferred to ordinary shares on June 15, 2012. The transfer of all preferred shares to ordinary shares was approved at HUGO BOSS annual shareholders meeting on May 3, 2012.

10 // ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income reflects differences arising from the translation of foreign subsidiaries financial statements with a negative impact on equity of EUR 6.0 million (September 30, 2011: EUR20.4million) and the effects from the measurement of financial instruments after taxes, neither of which is recognized in income. Deferred tax income not recognized in the income statement amounts to EUR 2.1 million (September 30, 2011: EUR 4.3 million). Please see the consolidated statement of comprehensive income for information on income and expenses recognized in equity.

11 // CONTINGENT LIABILITIES AND CONTINGENT ASSETS There were no material changes in contingent liabilities as against December 31, 2011. There were no contin-gent assets as of September 30, 2012.

12 // CASH FLOW STATEMENT The HUGO BOSS Groups cash flow statement shows the changes that occurred in cash and cash equivalents during the year under review on the basis of cash transactions. Pursuant to IAS 7, cash flows are reported separately according to source and application in operating activities, investing activities, and financing activi-ties. Cash flows are derived indirectly based on the Groups net income. Changes in the balance sheet items presented in the cash flow statement cannot be derived directly from the balance sheet due to adjustments for currency effects.

H U G O B O S SHALBJAHRESFINANZBERICHT 2012


13 // SEGMENT REPORTING

Europe 1

Americas

Asien/Pacific

Royalties 2

Total Operating Segments


2012Jan. Sep.

2011Jan. Sep.

2012Jan. Sep.

2011Jan. Sep.

2012Jan. Sep.

2011Jan. Sep.

2012Jan. Sep.

2011Jan. Sep.

2012Jan. Sep.

2011

Net Sales 1,050.5 985.4 399.7 326.4 250.2 215.2 38.1 32.6 1,738.5 1,559.6

Segment profit 392.0 397.9 106.3 83.7 87.0 75.0 34.3 27.7 619.6 584.3

in % of net sales 37.3 % 40.4 % 26.6 % 25.6 % 34.8 % 34.9 % 90.0 % 85.0 % 35.6 % 37.5 %

Segment assets 242.7 211.5 200.6 141.2 77.2 69.6 13.9 12.0 534.4 434.3

Capital expenditure 26.1 32.7 16.6 9.6 16.4 6.6 0.0 0.0 59.1 48.9

Impairments (0.1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (0.1) 0.0

-thereof tangible assets (0.1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (0.1) 0.0

-thereof intangible assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Depreciation/Amortization (17.2) (13.8) (9.6) (9.1) (10.5) (8.4) 0.0 0.0 (37.3) (31.3)

SAR expenses and hedging 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

1 Incl. Middle East/Africa.

2 Previous year values were adjusted



RECONCILIATION

Net Sales


2012Jan. Sep.

2011

Net sales operating segments 1,738.5 1,559.6

Corporate units/consolidation 0.0 0.0

Net sales HUGO BOSS Group 1,738.5 1,559.6

Operating Income


2012Jan. Sep.

2011

Segment profit operating segments 619.6 584.3

Depreciation/Amortization operating segments (37.3) (31.3)

Impairments operating segments (0.1) 0.0

Special items operating segments (0.1) 0.0

Operating income (EBIT) operating segments 582.1 553.0

Corporate units/consolidation (250.5) (231.6)

Operating income (EBIT) HUGO BOSS Group 331.6 321.4

Net interest income/expenses (11.6) (11.8)

Other financial items (3.4) 1.2

Earnings before taxes HUGO BOSS Group 316.6 310.8

Capital expenditure


2012Jan. Sep.

2011

Capital expenditure operating segments 59.1 48.9

Corporate units/consolidation 28.4 11.9

Capital expenditure HUGO BOSS Group 87.5 60.8

Depreciation/Amortization


2012Jan. Sep.

2011

Depreciation/Amortization operating segments (37.3) (31.3)

Corporate units/consolidation (20.0) (19.4)

Depreciation/Amo

nine months report january – september … · 3 preferred shares were ... chinese and japanese...

Documents