So ist das Leben /That's life / C'est la vie / Así es la vida / È la vita ...

Report on the 128th fi nancial year

Editorial
What’s the best thing about life? Life
itself, of course! Life is full of surprises,
encounters and unexpected twists.
Nothing could be more exciting or varied.
The theme of this year’s Vorwerk Annual
Report is life’s milestones. Join us
on a journey from the first clumsy
steps in life to well-earned retirement –
and beyond. You will be delighted
to discover just how colorful life can be. /
It’s wonderful!
Editorial / 3

4 / Contents
Contents
6 A Review of Vorwerk
Management Report 2011
11 General Section on
Business Development
15 Direct Sales, Kobold
18 Direct Sales, Thermomix
21 Direct Sales, JAFRA Cosmetics
23 Direct Sales, Lux Asia Pacific
26 Vorwerk Engineering
29 akf group
31 Vorwerk Carpets

35 Vorwerk Direct Selling Ventures
37 HECTAS
38 Human Resources
42 Assets and Earnings Situation
43 Financial Situation
44 Opportunities and Risks
47 Consolidated Financial
Statements 2011
62 The Main Companies
in the Vorwerk Group
64 Sources / Imprint
Contents / 5

6 / A Review of Vorwerk
A Review of Vorwerk
HEADQUARTERS OF THE VORWERK GROUP (HOLDING COMPANY)
Vorwerk & Co. KG
Mühlenweg 17 - 37
42270 Wuppertal, Germany
Telephone +49 202 564-0, Fax -1301
www.vorwerk.de / www.vorwerk.com
EXECUTIVE BOARD
Walter Muyres (Managing Partner)
Reiner Strecker (Managing Partner)
Frank van Oers (since 11 January 2012)
SUPERVISORY BOARD
Dr. Jörg Mittelsten Scheid, Wuppertal (Chairman)
Prof. Dr. Ing. Pius Baschera, Zurich/Switzerland (Vice Chairman)
Dr. Axel Epe, Düsseldorf (Vice Chairman)
Rainer Baule, Ettingen (since 23 May 2011)
Günther Busch, Mülheim/Ruhr
Dipl.-Ing. Rainer Christian Genes, Stuttgart
Verena Klüser, Munich
Jens Mittelsten Scheid, Munich (until 31 December 2011)
Dr. Timm Mittelsten Scheid, Munich (since 23 May 2011)
Sabine Schmidt, Waltrop (since 1 January 2011)

KEY FIGURES FOR THE VORWERK GROUP
in million €* 2008 2009 2010 2011
Group sales (incl. turnover tax)** 1,832 1,826 2,372 2,367
Balance sheet total 1,648 1,734 2,720 3,066
Partners‘ equity 856 920 1,112 1,211
Partners‘ equity in % (akf group at equity) 52 53 61 65
Partners‘ equity in % (akf group fully consolidated) – – 41 39
Financial assets 53 67 55 112
Other fixed assets 422 427 928 938
Current assets 1,164 1,221 1,685 1,980
Cash and cash equivalents 600 670 658 709
Capital expenditure*** 48 45 226 307
Depreciation*** 38 39 185 183
Personnel costs 452 466 480 434
Number of employees 22,255 21,580 22,096 16,156
Self-employed advisers 555,718 589,251 601,664 590,733
* akf group was included using the equity method in the consolidated financial statements up to 2009 and fully consolidated since 2010;
HECTAS until 30 June 2011
** The revenue figures stated are gross values unless indicated otherwise
*** Without financial assets
A Review of Vorwerk / 7

8 / A Review of Vorwerk
INTERNATIONAL PRESENCE
SUBSIDIARIES
Austria, Belgium, Brazil, China, Czech Republic, Dominican Republic, France, Germany,
Hungary, India, Indonesia, Italy, Japan, Luxembourg, Mexico, Netherlands, Philippines,
Poland, Portugal, Russia, Singapore, Spain, Switzerland, Taiwan, Thailand, United States
of America, Vietnam
DISTRIBUTORS
Algeria, Angola, Argentina, Australia, Azerbaijan, Bahrain, Brunei, Canada, Caribbean,
Chile, Columbia, Croatia, Cyprus, Denmark, Ecuador, Estonia, Finland, Greece,
Hong Kong, Iceland, Israel, Kazakhstan, Kuwait, Latvia, Lebanon, Libya, Lithuania,
Malaysia, Morocco, Mauritania, New Zealand, Norway, Oman, Peru, Qatar, Romania,
Saudi Arabia, Slovakian Republic, Slovenia, South Africa, South Korea, Sweden,
Tunisia, Turkey, Ukraine, United Arab Emirates, United Kingdom, Venezuela, Zimbabwe

THE VORWERK GROUP COMPRISED THE FOLLOWING BUSINESS
SEGMENTS IN THE YEAR 2011:
Direct Sales, Kobold / Direct Sales, Thermomix / Direct
Sales, JAFRA Cosmetics / Direct Sales, Lux Asia
Pacific / Vorwerk Engineering / akf group / Vorwerk
Carpets / HECTAS*
VORWERK GROUP/
SALES BY DIVISION 2011
* HECTAS until 30 June 2011
3%
Carpets
€ 74 m
4%
HECTAS*
€ 103 m
1%
Lux Asia Pacifi c
€ 34 m
1%
Others
€ 17 m
19%
JAFRA Cosmetics
€ 439 m
16%
akf group
€ 382 m
31%
Kobold
€ 728 m
25%
Thermomix
€ 591 m
A Review of Vorwerk / 9

10 / That’s life in / CHINA
Hello World.
Day 3
The good Lord thought of everything when he put us
on this earth – everything, that is, except a warm pair
of shoes to protect our feet. The Chinese traditionally
make up for this divine oversight by providing their
newborn babies with terrifying tiger shoes. Legend has
it that they ward off the evil spirits we encounter as
we go through life – but do they also aff ord protection
against evil mothers-in-law?

Management Report /
General Section on
Business Development
Management Report / General Section / 11
The Vorwerk Group is reflecting on a very satisfactory business year in 2011. In the 128th year of the
company’s history, total sales amounted to EUR 2.367 billion and was even as much as EUR 2.471 billion
if a full business year at HECTAS Group is taken into account i.e. an increase of 4.2 percent as against
previous year. Earnings before taxation could also be improved once again.
The business volume at the Vorwerk Group including the new business transacted at akf group amounted
to EUR 2.7 billion.
The direct sales companies again proved to be the main drivers with an increase in revenue worldwide of
5 percent. The direct sales companies in the Vorwerk Group in Germany achieved a plus of 5.4 percent,
with revenue running at EUR 301.3 million.
However, the Vorwerk Group also grew outside the direct selling operations, partly due to another increase
at Vorwerk Carpets. akf group grew its new business volume considerably by 51.4 percent.
To enable a far more distinct positioning on the market, the HECTAS companies were transferred as of
30 June 2011 to the Vorwerk Facility Management Holding KG, which is now a sister company of
Vorwerk & Co. KG.
Further progress was made in terms of the internationalization of the Vorwerk Group: the revenue generated
outside Germany was 67 percent (previous year: 66 percent), in direct sales it was even as much as
83 percent. Vorwerk is present in Europe, Asia and on the American continent with its own sales companies
and additionally has a wide network of distributors. The Vorwerk Group’s products and services are
therefore available in more than 70 countries.
A view to the individual divisions shows that Thermomix resolutely continued along the tremendous
growth path of recent years and thereby maintained its position as the most successful and dynamic
division. Sales of the versatile kitchen appliance increased by 16 percent and surpassed the 635,000 units
mark for the first time. The cornerstones of this success were the four largest Thermomix countries, Italy,
France, Germany and Spain, where far in excess of 110,000 Thermomix appliances could be sold in each
country.
The Kobold Division also recorded an increase in sales, particularly due here once again to the strong
Italian sales company – Vorwerk Folletto. In contrast, the German sales organization could not quite achieve

12 / Management Report / General Section
the figures of previous year. Kobold Germany, however, will benefit from a number of new impulses
resulting from the opening up of additional sales channels. New products in a fresh design, the opening
of Vorwerk Shops, the strengthening of e-commerce and not least the successful start of the first Vorwerk
flagship store in Hamburg prove the innovative power of the brand. All measures are closely interlinked
with the people-based direct sales activities and support our qualified customer advisers in their
predetermined areas.
Unfavorable exchange rates resulted in revenue at JAFRA Cosmetics being lower than the previous year.
However, the sales companies in Brazil, Europe and the still very young company in India grew once again.
Even the traditionally strong sales organization in Mexico was running at above the previous year when
measured in the local currency.
Lux Asia Pacific with its sales companies in the Asia-Pacific region was likewise able to increase revenue
in the year under review, in part thanks to the successful launch of new products. The strongest subsidiaries
continued to be Thailand and Indonesia.
The Vorwerk Group could once again improve both its revenue and its earnings in 2011. The partners’
equity capital ratio amounted to 39 percent – when including the full consolidation of the akf group. A
valuation of the akf group at equity would result in a partners’ equity capital ratio of 65 percent. Cash and
cash equivalents amounted to EUR 709 million as of the balance sheet date. Vorwerk takes advantage
of the entrepreneurial scope such figures allow and invests specifically in the expansion of its business
model, the opening of new subsidiaries as well as in the development of innovative products.
The Vorwerk Group was organized in seven divisions at the close of 2011. Management Boards run the
respective divisions. Strategic leadership of the entire Vorwerk Group is the responsibility of the Holding
Company in Wuppertal. The members of the Executive Board are the Managing Partners Walter Muyres
and Reiner Strecker. Executive Vice President Frank van Oers has been a member of the Executive Board
since January 2012. Dr. Jörg Mittelsten Scheid, member of the Vorwerk owner family, is Chairman of the
Supervisory Board at the Vorwerk Group.
THANKS AND OUTLOOK
More than 600,000 people worldwide were working for companies of the Vorwerk Group in the year 2011 –
either as self-employed advisers in one of the direct selling companies or as employees in one of the production
locations or the administration. It is thanks to the commitment and motivation of the staff and customer
advisers that the Vorwerk Group was able to further expand its position as an internationally successful
family-owned company. The Executive Board and the owner family would like to take this opportunity to
sincerely thank all “Vorwerkers” worldwide for their dedication. The basis for the shared success is constituted
by the corporate values that are practiced at Vorwerk. Trusting relationships and a willingness to
change have always been characteristics of the Vorwerk culture. These aspects were reinforced and the
mutual exchange of ideas and concepts fostered in the year under review with the “ONE! Vorwerk” program.

First Day At School.
Day 2,235 (6)
Life has to start in earnest sometime and on the day
it does, candy sweetens the process. The Schultüte,
a colorful cardboard cone German parents present
to their children on their fi rst day at school, is fi lled
with all kinds of sweets and crunchy snacks. Once
upon a time, children were told that these cones
grew on trees and ripened just in time for the start
of school. The school cone still exists today – and so
do the parents who think they can kid their kids.
That’s life in / GERMANY / 13

14 / Management Report / General Section
The Group plans to further increase revenue and earnings in the coming two years. The focus of the strategies
of the individual divisions is to grow in existing markets and to further internationalization. The
appeal of the “customer adviser” profession is and will be of decisive importance for the success of the
direct sales companies. An increase in sales activities always presupposes a growth in staffing levels.
Therefore, great importance will be attached in the coming years to recruiting sales and management
staff, particularly for direct sales activities.
In the financial services sector, akf group anticipates a further increase in new business volume in the
coming two years. The planned extension of consumer finance for Kobold and Thermomix will contribute
to this: following the German, Spanish and Polish markets, the Italian market will now be developed, too.
Moreover, the general public in Germany will be offered additional, attractive investment products in
2012 as part of the deposit-taking operation.
Vorwerk Carpets is also looking confidently towards the coming years with their clear up-market positioning.
The high degree of brand awareness and innovative power will enable Vorwerk Carpets to further
enhance its market position as a niche provider in the premium segment.
The respective outlook of the individual divisions will be described in more detail in the following sections
of the Management Report.
SALES BY DIVISION
in million € (incl. turnover tax) 2008 2009 2010 2011
Direct sales 1,530.3 1,540.1 1,706.7 1,792.4
Division Kobold incl. Fitted Kitchens* 695.8 695.4 717.9 728.3
Division Thermomix 386.2 419.8 509.6 591.1
Division Feelina** 3.3 0.9 0.0 0.0
Division JAFRA Cosmetics 409.1 390.2 447.5 438.9
Division Lux Asia Pacific 35.9 33.8 31.7 34.1
HECTAS*** 201.2 195.1 198.9 102.7
Vorwerk Carpets 79.1 69.5 69.4 73.9
akf group**** 375.7 381.5
Others 21.1 21.7 21.3 16.6
Group sales 1,831.7 1,826.4 2,372.0 2,367.1
* Fitted Kitchens until 30 June 2008
** Feelina until 31 January 2009
*** HECTAS until 30 June 2011
**** akf group was included using the equity method in the consolidated financial statements up to 2009 and fully consolidated since 2010

Management Report /
Direct Sales Kobold
/ NEW PRODUCTS, FRESH DESIGN
/ ITALY AGAIN STRONGEST SALES COUNTRY
Superior cleaning performance in all areas: people who buy a Kobold from the house of Vorwerk can look
forward to an innovative product in the very best quality. Intelligent technology, simple handling and a
modern design are the hallmarks of the Kobold product range. In the year under review, two new vacuum
cleaners were launched on the market to complement the Kobold VK140 upright cleaner and the VT265
canister-type vacuum cleaner: the first Vorwerk vacuum cleaning robot VR100 and the VC100 tabletop
vacuum cleaner. Both reflect the high demands placed on technology and design, aspects that have been
essential constituent elements of the corporate philosophy at Vorwerk for generations. In this respect, the
Kobold VR100 vacuum cleaning robot successfully came out on top in its category in several comparative
tests. The testers’ verdict: the Kobold displays just how intelligent suction robots can be nowadays.
The Kobold Division once again increased its revenue in the year under review, achieved a volume of
EUR 728 million and thereby continued to be the division of the Vorwerk Group with the highest level of
sales. Vorwerk operates in a total of nine countries in Europe and Asia with its own subsidiaries and steers
numerous other distributorships through its export unit.
1,440
U/min
CLEANED AS IF BY MAGIC
Management Report / Kobold / 15
Spring clean your home without lifting a finger – with the Kobold VR100,
the first vacuum cleaning robot from Vorwerk. This nifty little mover elegantly
and systematically covers every inch of your floor while you sit back and
relax with your feet up. Whatever your flooring – carpet, tiles or parquet – the
Kobold VR100 does away with dust bunnies in a jiffy thanks to its ingenious
brush that rotates an amazing 1,440 times per minute. It pauses only briefly
before circumnavigating any obstacle its laser eye identifies in its path. The
result is worth seeing – as is the robot itself in a sleek new Vorwerk design.

16 / Management Report / Kobold
Vorwerk Folletto with its registered offices in Milan/Italy was once again able to increase its revenue considerably
and remains the strongest Kobold sales company. Vorwerk Folletto achieved a new record level of
EUR 450 million (an increase of 4.7 percent compared to the previous year) and defended its position as
undisputed market leader in Italy. Vorwerk Folletto was established as long ago as 1938 and was the first
foreign subsidiary of Vorwerk & Co. KG. Over the years, the term “Folletto” has become a synonym for
vacuum cleaners in Italy.
In Germany, the second largest sales country, revenue decreased to EUR 170 million (a fall of 6.5 percent)
in the course of the switch to the new sales system. Kobold Germany once again sees good opportunities
for growth in the coming years: the new multichannel approach will make it easier for potential customers
to access Kobold products. The Kobold customer adviser will become established in a predefined area as
a competent contact person on all aspects of cleaning. This system is not only appealing for customers,
but also for advisers. In parallel, the e-commerce offerings are being extended. The Vorwerk Shops –
mainly former service centers that have now moved to good city centre locations – will enable the brand
a far greater public presence. And with opening of the first flagship store on Hamburg’s Jungfernstieg in
December 2011, Vorwerk now reaches new target groups and clearly positions itself as a modern and
innovative market player. The strategy’s core remains people-based direct selling: all the channels are
closely interrelated and the customer can still rely on their adviser’s consultation expertise after
purchasing in a shop or online.
Of the somewhat smaller Kobold countries in terms of revenue, China, Spain and Japan contributed to
the positive development of the division. Sales increased slightly in China and reached EUR 34 million in
the year under review. Vorwerk therefore numbers among the market leaders in the vacuum cleaner
segment and will profit from the growth rates expected in this sector in the coming years. The positive
development in Spain (revenue in 2011: EUR 19 million, plus 15.2 percent) could not have been expected
in view of the general economic situation on the Iberian Peninsula. The measures already initiated there
in 2010 to enhance the motivation of the Spanish sales advisers and the cautious fine-tuning of the sales
system have had sustained, positive effects. Japan, a relatively small sales country, could even record an
increase in revenue (sales in 2011: EUR 4.5 million, plus 16 percent); the same is valid for Switzerland.
The sales companies in Austria and the Czech Republic are slightly below the level of previous year. The
same also applies for exports channeled through independent distributors.
In the coming years, the focus of the Kobold Division will be on strengthening and further developing the
existing sales companies. The strategic measures already initiated and the modifications to the sales
systems, particularly in Germany, and the product policy have created the preconditions for continued
positive development of the division in the coming years.

Happy
Quinceañera!
Day 5,479 (15)
That’s life in / Argentina / 17
The best birthday of all for every girl in Argentina is
her quinceañera, her sweet fi � eenth, which according
to ancient custom marks her coming of age. On
this day, the daughter of the house is decked out in
a magnifi cent gown that could be a wedding dress –
except that it’s pink. This pleases her parents, too,
because it means they still have a few more years
to go before the big day arrives when she is all in
white …

18 / Management Report / Thermomix
Management Report /
Direct Sales Thermomix
/ ANOTHER MARKED INCREASE IN REVENUE
/ HIGHEST QUALITY, INNOVATIVE TECHNOLOGY, AWARD-WINNING DESIGN
The ideal partner for contemporary nutrition – that is the Thermomix. Our customers serve up delicious
and healthy meals out of fresh ingredients simply and rapidly with the Thermomix. It is captivating on
account of its very high quality, innovative technology and award-winning design. The Thermomix can
chop, stir, cook and weigh in just one single appliance without any need to change attachments. It replaces
almost all kitchen appliances with its diverse range of functions. Numerous cookbooks and the Thermomix
internet recipe world offer proven recipes for all occasions. Absolutely new in the year under review was
the market launch of the Thermomix app with international recipe ideas, a shopping list, a weekly menu
planner and an overview of the nutritional value of the individual meals.
The Thermomix Division again recorded a marked increase in revenue and has now reached EUR 591 million,
an increase of 16 percent against previous year.
This growth was primarily attributable to the four large Thermomix countries of Italy, France, Germany and
Spain, which were all able to sell well over 110,000 appliances each. Additionally, however, even the mediumsized
and smaller Thermomix countries as well the export operation were able to improve revenue levels.
In Italy, the largest Thermomix country, revenue rose to EUR 146 million, an increase of 2.6 percent. Vorwerk
Contempora has thereby once again maintained its leading position among the large Thermomix countries.
Double-digit growth rates in France and Germany meant that they were finally able to establish themselves
in the top flight. Revenue in France increased by almost 33 percent to just under EUR 130 million. This
followed on from the year 2010 when an increase of 52 percent could already be recorded. Germany managed
to advance beyond the mark of 120,000 appliances sold and reported a revenue level of EUR 121 million (an
increase of 29 percent). Spain was also able to sell more Thermomix appliances than in previous year, with
a sales volume of EUR 112 million despite the continuing tense general economic situation there.

The sales companies in Poland, Portugal, Taiwan, Mexico and the Czech Republic also increased their
revenues. Exports also contributed to the positive development of the entire division: the business conducted
with independent sales partners, the so-called distributors, rose by 45.8 percent to EUR 19 million.
The main reason for these, in some cases, distinct increases was the continued and pleasing growth in the
number of representatives. The benefits of the Thermomix are convincing more and more people worldwide.
This also applies to the approach of the sales organisation: Thermomix offers attractive career
opportunities, particularly for women. The number of representatives active on behalf of Thermomix rose
in the year under review to 24,428, an increase of 11.1 percent.
A great deal of effort has been put into extending the services offered around the Thermomix: professional
structures for developing recipes were created for all countries to enable Thermomix to give a “success
guarantee” for its own recipes. Moreover, every customer should have the opportunity, if possible, of
being able to refine her or his handling of the appliance in cooking courses so as to fully utilize the potential
of the Thermomix to enable use on a daily basis.
In the coming years, the division will focus on a number of projects in the medium-sized and smaller
Thermomix countries with the objective of achieving further growth in the existing markets. Great attention
will also be attached to developing new sales areas. In this respect, the focus is particularly on Asia.
7 million
TASTY MEALS AT THE TOUCH OF A BUTTON
Management Report / Thermomix / 19
The word has clearly spread about the talents of the Thermomix, the
multifunctional kitchen appliance from Vorwerk. Today, an incre dible
seven million customers around the world have acquired a taste for the
Thermomix and are now mincing, chopping, stirring, mixing and cooking
to their hearts’ content. What sounds mira culous is actually down to
some pretty sophisticated technology, which is also really simple to operate –
at the touch of a button, in fact. The Thermomix brings creativity into
any household and makes cooking fun and preparing healthier meals a
breeze. It even comes with a success guarantee.

20 / That’s life in / ITALY
Va’all’inferno!
Go to hell!
Che fai?
What are you
doing there?
Vieni qui!
Come here!
Non lo so!
I don’t know!
Andiamo!
So, so!
Sei pazzo!
You’re nuts!
Grown Up At Last
Day 6,575 (18)
Mama mia! Avanti, avanti! Things just don’t move fast enough on Italy’s roads.
The important thing to know here are the ins and outs of the local sign language,
which every learner driver should master. We show you the most important
gestures – for your next traffi c adventure in an Italian metropolis. We accept no
liability, however, for their use or any consequential damage that might arise.

Management Report /
Direct Sales
JAFRA Cosmetics
/ HIGH QUALITY PRODUCTS, EXCELLENT SERVICE
/ MOTIVATING INCOME SYSTEM FOR CONSULTANTS
JAFRA Cosmetics is active in a total of eleven countries with its own companies and operates in another
six through distributors. It allows predominantly women the opportunity to achieve an income that is selfdetermined
and related to their own performance through the direct sale of high quality cosmetics.
Depending on the country and the cultural background, JAFRA consultants either present their products
at a sales party or in person-to-person consultations. The product range at JAFRA Cosmetics comprises
skin and body care, color cosmetics, fragrances and spa products. The focus of sales activities is in Mexico
and the USA. Besides the high quality products and an excellent customer service, it is particularly the
attractive and motivating income system for the consultants that is one of the success factors. The company
has been a part of the Vorwerk Group since 2004.
In the year under review, JAFRA Cosmetics achieved revenues of US dollar 611 million and was thereby
2.9 percent above the level of previous year. By contrast, unfavorable exchange rate developments meant
that revenue in euros was slightly below the level of previous year (EUR 439 million, a drop of 1.9 percent).
3,000
NATURAL BEAUTY IN ALL SHADES
Management Report / JAFRA Cosmetics / 21
Algae extracts, apricot kernel oil, cactus, ginger, winter cherry, mung beans,
and shiitake extracts – all of these may sound rather culinary, but here
their purpose is, in fact, purely cosmetic. Yes, we even grate licorice sticks
to produce the best in beauty and skin care for you. In our compelling port -
folio of JAFRA products, we blend over 3,000 high-grade ingredients to create
superb cosmetic compositions, but how we make these combinations, however,
remains strictly our own, closely guarded beauty secret.

22 / Management Report / JAFRA Cosmetics
This tendency can also be observed when Mexico, the largest market for JAFRA Cosmetics, is considered.
The Mexican sales organization achieved revenue of EUR 342 million, which was 2.7 percent below the level
of previous year, yet recorded a moderate increase when measured in Mexican pesos. This still positive
development is all the more remarkable when the general economic situation there is taken into account.
The average income of a Mexican household fell by 12.3 percent in the years 2008 to 2010. Moreover, the
population is becoming increasingly concerned about the deteriorating security situation in some parts of
the country. Despite all this, JAFRA Mexico managed to maintain the productivity of the consultants and
compensate for a temporary drop in their number.
In the second largest JAFRA market, the USA, sales revenues were running at EUR 51.3 million. A distinct
increase was achieved by the dynamically growing company in Brazil: founded barely three and a half years
ago, JAFRA Brazil achieved revenue of almost EUR 14 million and thereby grew by more than 44 percent
against previous year. JAFRA sees great potential for the future in the third largest market for direct sales
worldwide and the largest in Latin America. The established European JAFRA companies have recovered
well from the financial and economic crisis. Germany, Austria and the Netherlands were in part well above
previous year, whereas Italy and Switzerland were able to maintain their sales volumes at a stable level.
Overall, these companies grew by 6.3 percent to EUR 28.0 million. JAFRA Russia, still a relatively small
subsidiary, was also able to grow (plus 55 percent) and recorded an overall sales volume of EUR 1.2 million.
This also applies to the commitment in Asia, where JAFRA India – albeit still at a low level – grew at a
treble-digit rate. The Asian market will continue to offer growth opportunities for the direct sale of high
quality cosmetics in the coming years.
All JAFRA products are developed at the company R&D facilities at its headquarters in Westlake Village,
California, in close cooperation with renowned laboratories in the USA, France, Switzerland, Germany
and Italy.
A newly developed, up-market color cosmetics series was successfully launched to the market in the year
under review. The introduction of the JAFRA PRO care series, a range based on the very latest technologies,
was started in Mexico, the USA, Germany, Austria and the Netherlands, with the other markets to follow
in 2012. The roll-out of digital media to support the consultants continued to be advanced. The new website
with extended functionality also went live at the beginning of 2011.
JAFRA Cosmetics is looking forward to even higher sales revenues in the coming years. Besides the expected
positive development of the existing markets, the opening up of new markets should contribute to this.

0.0001
mm
Management Report /
Direct Sales
Lux Asia Pacific
/ LUX ASIA PACIFIC ACHIEVES REVENUE INCREASE
/ NEW PRODUCTS FOR RAPIDLY GROWING MARKETS
Management Report / Lux Asia Pacific / 23
Vorwerk sells high quality household appliances such as water purifiers, air cleaners and vacuum clean ers
under the brand name of Lux in the Asian region. Lux Asia Pacific is one of the few direct selling companies
that has focused on the sale of high-ticket household products in the rapidly growing Asian market. The
division achieved revenue of EUR 34 million in 2011, an increase of 7.4 percent against previous year. The
operating profit situation also continued to improve. Lux Asia Pacific therefore continued the trend that
had suggested itself in the last quarter of 2010 attributable to sustainable changes in the sales and
product concepts.
Lux Indonesia and Lux Royal Thailand are the most significant subsidiaries in the division; both companies
were able to increase their revenues. Particularly Thailand benefited from the launch of new products:
a new water purifier as well as an improved air cleaner. This type of development could not really be
expected in Thailand, especially after the devastating flood disaster, and clearly illustrates the strong
performance of the sales organization.
The new products are to be launched on other markets in 2012. Furthermore, measures aimed at improving
customer relationship management and the service quality will be adopted. The division is again looking
forward to growth in 2012.
TODAY WE’RE TALKING ABOUT NOTHING AT ALL
We have good news for allergy sufferers. When they take a really deep
breath, they feel or smell … that’s right – nothing at all. That is, if they have
a Lux Ventus air cleaner with the patented HEPASilent filtration technology
set up in their home. Even incredibly small air particles no larger than
0.0001 mm are retained in it. What remains is fresh, clean air – and the joy
of recovered health and quality of living.

24 / That’s life in / MEXICO

The Best Day
Day 10,595 (29)
Money, gold and a carefree life:
these are what señoras expect of
a happy marriage – especially in
Mexico. At the wedding, the bridegroom
traditionally presents his
bride with 13 gold coins. These
represent the sacred marriage
vow – but originally also stood for
the man placing control of his
worldly goods and his pocket money
in his wife’s hands. Could that
perhaps be the reason why Latin
American machos sometimes
look so glum?

26 / Management Report / Vorwerk Engineering
Management Report /
Vorwerk Engineering
/ NEW PRODUCTS LAUNCHED
/ EXTRA SHIFTS FOR THE THERMOMIX
The Vorwerk Engineering Division develops and manufactures high quality household appliances exclusively
for the Vorwerk direct sales organizations. This division is therefore very much dependent on the
development of the Vorwerk sales companies. The largest manufacturing facilities are located in
Wuppertal, but the division also operates its own production plants in Cloyes (France), Arcore (Italy) and
Shanghai (China). The department Research & Development is also domiciled in Wuppertal.
Vorwerk Engineering developed as many as four new products for the Kobold Division in 2011. Besides
the new Kobold VR100 suction robot and the Kobold VC100 cordless cleaner, the SP 520 suction mop was
also made available as an additional attachment for the Kobold vacuum cleaner. Additionally, an improved
version of the canister-type cleaner, the Kobold VT265, was launched in the year under review.
The employment situation at the Engineering Division remains stable. A slight reduction in the numbers
of employees was mainly the result of normal fluctuation or of staff entering into early retirement. Thanks
to the introduction of the new products and again to the outstandingly positive development of the
Thermomix, workplaces could be secured at all locations. The Thermomix plant in Cloyes even reached
its capacity limits. Extra shifts had to be worked to be able to meet demand. The motor plant in Wuppertal
also benefited from this development with the SR30 Thermomix motor being produced at near to capacity
level. The division invested in increasing its capacity since the number of units produced is expected to
rise in the future.
The Engineering Division needs to implement an efficient, international value chain to satisfy the growth
strategy at the Vorwerk direct sales organizations. Both R & D and manufacturing are therefore oriented
towards a clear allocation of value-creating elements and assignment profiles as well as focusing regionally
on competencies. Every location has a clearly defined task in the international production network.

100
million
MULTIMILLIONAIRE KOBOLD
Management Report / Vorwerk Engineering / 27
The first Vorwerk electric vacuum cleaner known as the “Kobold” caused quite a
sensation when it was first launched in 1929. Today the Kobold is a household
name. In 2012, the 100 millionth Kobold product will roll off the production line, and
more and more will join its ranks every day. The reason? In addition to the small,
agile hand-held VK140, new additions such as the convenient VR100 vacuum
cleaning robot are constantly joining the hard-working Kobold troop and pointing
the way for the future. So it looks like the Kobold population is set to grow by a
few more millions.
Engineering believes it is more exposed to the risk of currency and raw material price fluctuations than
in the past due to the increasing significance of the international markets. This applies both for procurement
as well as for sales and manufacturing. To reduce this risk, the prices of important raw materials
such as copper were hedged towards the end of 2010.
All processes in the creation of a product were analyzed and redefined in the year under review with the
support of a renowned consultancy company. The target: to optimize the entire product creation process
i. e. from the initial product idea to market launch and, of course, to observe the quality and cost targets.
Implementation of the new processes started with development of the products mentioned above.
The Engineering Division anticipates more or less unchanged capacity utilization of the manufacturing
facilities in the current business year. Investments of some EUR 36 million were approved for the planned
launch of new products in the coming two years.

28 / That’s life in / THAILAND
The Joys of Work.
Day 13,907 (38)
Faith can move mountains, but not crumbs. This is something the eager monk was forced to acknowledge
when he was attempting to give the Thai temple Wat Chetuphon a spring clean and quickly
discovered the limitations of his rice broom. Instead, he decided to put his faith in the secular assistance
of the master of all vacuum cleaners, which is so thorough and quiet, it doesn’t even disturb
his colleagues while they are engaged in their true “work” – meditation. Ommmmmm!

Management Report /
akf group
/ NEW BUSINESS AND REVENUE INCREASE
/ STRONG PARTNER OF SMES AND THE AUTOMOTIVE TRADE
Although the dynamic recovery of the world economy – after the recession of the years 2008 and 2009 – has
recently slowed somewhat, the very export-oriented German economy was able to grow by about 3 percent
in the year under review. The revival in the overall total level of investment in 2010 also continued
through out 2011 and an increase of 6.9 percent could be recorded for the entire year. Additionally, the
number of new car registrations rose by 8.8 percent as against previous year to 3.17 million. Against this
background, all business segments at akf group were able to contribute to a considerable growth in the
level of new business (plus 51.4 percent to EUR 675.4 million). Revenue also developed positively.
The strategic focus of akf group continues to be on endeavoring to act as a partner to small and mediumsized
enterprises (SMES) in investment financing and in vendor finance for automotive dealers. Moreover,
consumer finance services were extended for the companies of the Vorwerk Group in Germany,
Poland and Spain.
139,143
FROM AMARENA CHERRY TO LEMON
Management Report / akf group / 29
How many different ice cream flavors actually exist? An estimated 130 in Germany
and 180 in Italy, but that’s nothing compared with the number of mobile assets
currently individually financed or leased by akf bank, namely 139,143. So what does
all this have to do with ice cream? Well, last year one of the mobile assets financed
was an ice cream machine.

30 / Management Report / akf group
As a consequence of the strategic alignment to more diversification, the bank’s loan transactions portfolio
revealed that the proportion of vehicle finance deals in the new business volume had fallen (from 65 percent
to 49 percent) and had thereby contributed less to the total level of business than in previous years. The
proportion of business stemming from the finance of machinery and other equipment amounted to
32 percent (26 percent in previous year). The position of akf bank in the marine finance sector could also
be maintained, and the institute continues to number among the established market players in this segment.
Additionally, consumer finance within the scope of the vendor funding of Kobold and Thermomix
appliances also made a distinct contribution to the success of the business in the year under review with a
17 percent share of the loan transactions concluded (previous year: 7 percent).
akf group has been active in the deposit-taking business for clients since the beginning of 2011. Accounts
can be opened and business transacted online under www.akf24.de. Diversification of the refinancing base
with extension of the deposit-taking operation has made the bank even more independent.
The group is looking forward to continued positive development in the coming years. The acquisition of the
operations of akf industriefinanz GmbH (formerly CIT Industriebank Germany GmbH) including its
subsidiary company will open up opportunities to address portfolio customers in the strategically
important graphics and metal processing industries.
The development of the agricultural sector was successfully advanced in the year under review. Additionally,
akf group will develop new business opportunities with cooperation agreements with premium automotive
manufacturers and thereby enhance brand awareness throughout the vehicle financing sector.
Additionally, the extension of the consumer finance activities for Kobold and Thermomix and the planned
opening of the Italian market will have a positive impact on business.

662 x
Management Report /
Vorwerk Carpets
/ DISTINCT REVENUE INCREASE DESPITE DIFFICULT ENVIRONMENT
/ NEW COLLECTIONS SUCCESSFULLY LAUNCHED
Vorwerk Carpets achieved revenue of EUR 74 million and improved by 6.5 percent as against previous
year. Carpets was therefore once again able to elude the slightly declining market trend and benefited
from its resolute brand policy. Particularly exports grew strongly, as did the domestic demand when
compared with the year before.
Overall, 2011 was a year characterized by economic growth despite the euro crisis, which also had a
positive impact on the construction industry. However, the entire textile flooring manufacturers sector
could not participate in this economic upswing according to the Association of the German Home Textiles
Industry (Verband der Deutschen Heimtextilien-Industrie). By contrast, the distinct positioning of
Vorwerk Carpets in the premium segment was again rewarded by the market.
DESIGN AROUND THE WORLD
Management Report / Vorwerk Carpets / 31
Vorwerk carpets are a global success – literally! The yarn that flowed
off the bobbins and into our carpets last year alone could encircle the earth
662 times over. As impressive as it is, we much prefer to focus on what
became of that yarn: superb carpets of every conceivable color, structure
and pattern that turn any floor into a design space – meter by metre.

Where
Now?
Day 16,525 (45)
It always comes right out of the blue:
the midlife crisis. Suddenly, there you
are, middle-aged, asking yourself if
that was it and wishing you could
break right out of your daily round –
like Wilbur, whose wife, Thelma, had
been serving him fresh fruit and
vegetables for breakfast for 25 years.
He finally confessed that there was
nothing he enjoyed less and today, he
gets juicy bacon, beans and sausages
– and is clearly very happy with
his Thelma.

That’s life in / GREAT BRITAIN / 33

34 / Management Report / Vorwerk Carpets
Vorwerk Carpets remains committed to outstanding quality and on its specific innovative power. The
Hameln-based company was once again the undisputed number 1 in a survey of customers conducted
by “BTH Heimtex/B+L-Kundenbarometer” as well as in a study of wholesalers (“BTH Heimtex Großhandels-Umfrage”).
The Carpets Division used 2011 to successfully conclude the launch of its new “Projection” collection
targeting the contract business. Moreover, cooperation with joint venture partners was intensified. The
furniture and design fair “Qubique” in Berlin was the setting for presentation of the new “Scale Living”
collection, the first compilation to include free-form tiles for the home. The three fascinating tile designs
can be composed in any number and ways to individual carpet creations.
New developments also include environmentally-friendly, self-adhesive floor covering that utilizes physical
adhesion properties to rapidly affix the article to the floor without the use of any adhesives. The
Carpets Division continues to cooperate with internationally renowned designers and architects such as
Ulf Moritz and Hadi Teherani.
Vorwerk Carpets anticipates a continuation of the increasing levels of revenue in the coming years.
Further development of the “Fascination” trade collection due to be launched on the market from summer
2012 should also contribute to this. Furthermore, to extend the offer, cooperation with an external partner
is planned for the current year within the scope of a purchasing agreement. The target: to develop and
market non-textile, designer floor covering that does not contain PVC, a concept that duly considers the
carpet company’s sustainability principles.

Management Report /
Vorwerk Direct Selling Ventures
/ FUNDING OF DYNAMICALLY GROWING COMPANIES IN DIRECT SELLING
/ EARLY ACCESS TO INNOVATIVE DEVELOPMENTS
Management Report / Vorwerk Direct Selling Ventures / 35
By investing in young companies, Vorwerk gains insights into innovations in direct selling and thereby
advances the process of change and renewal. The Vorwerk Group has been investing since 2007 in companies
pursuing novel, promising direct selling concepts through its investment unit, Vorwerk Direct Selling
Ventures. This venture capital entity makes its investment decisions without any compelling regard for the
strategy of the Vorwerk Group and consequently has the scope to invest in completely new segments that
have the potential for rapid growth and high profitability.
The objective of Vorwerk Ventures is to create the fundamental conditions for a productive know-how
transfer between the young innovative entities and the various companies within the Group to the mutual
benefit of both the associated companies and Vorwerk. The venture capital activities support Vorwerk in
recognizing at an early point in time any sweeping developments in direct selling as well as in finding
potential partner companies.
Vorwerk Ventures has participations in companies in Germany, Austria and the USA. In 2011, Vorwerk
Ventures invested particularly in the area of social selling, where online direct selling is combined with the
opportunities presented by social networks. Participations in dawanda.com, pauldirekt.de and stylefruits.
de have been added to the range of investments. Additionally, companies such as Dinner-for-Dogs, Enjo,
meinauto.de, Ringana and Stowa are a part of the portfolio at the company. Vorwerk Ventures has been
making a positive contribution to the Group’s earnings for some years.

36 / That’s life in / FRANCE
}
Jacques’
Boules Strategy
}
Jacques is a really nice guy but he takes his
game of boules very seriously. His strategy
involves an element of risk, but it’s promising,
too. He calls it “pulling the piglet,” which
means he tries to knock the small ball, or
cochonnet, away from his opponents’
boules and toward his own group
of boules. Crafty … if only he could
pull it off occasionally.
Farewell Work!
Day 22,700 (62)
Time at last to take things easy, to enjoy a quiet game of boules,
perhaps. For Jules, Jacques and Gilles, that’s not just wish -
ful thinking but reality. The three French retirees cannot wait
to outdo one another in their daily games of boules in the
shade of the plane trees in the marketplace. Jacques gauges
the distance. Gauloise drooping from the corner of his mouth,
he swings his arm like a pendulum and – plop! – the boule
lands ... in the wrong place! Oh well, that’s life. So what? He
can try his luck again tomorrow.

Management Report /
HECTAS
/ ANOTHER INCREASE IN REVENUE ACHIEVED
/ ACTIVITIES TRANSFERRED TO VORWERK FACILITY MANAGEMENT HOLDING KG
HECTAS Group provides infrastructural services in eight European countries and offers its customers
individual services around their facilities. The prices in the cleaning sector, which came under pressure
during the course of the financial and economic crisis, continued to stagnate in the year under review,
whereas the proportion of infrastructural services awarded externally remained at almost the same level
as previous year. Generally speaking the market is characterized by very fierce competition. The winners
are providers who can offer their customers a reliable service quality for favorable conditions and can
react quickly to additional customer needs when required. Good customer loyalty can generally be maintained
when these preconditions are satisfied.
The strategic alignment as a Europe-wide, highly professional, industrial service company again proved
to be successful for HECTAS. The Group had achieved an increase in revenue of 4.4 percent to
EUR 102.7 million before the transfer to Vorwerk Facility Management Holding KG, albeit with an operating
result that was not fully satisfactory.
To achieve a more distinct positioning for business customers, all activities were transferred to Vorwerk
Facility Management Holding KG as of 30 June 2011. As a sister company of Vorwerk & Co. KG, there is
cooperation between the two groups of companies.
98
SPOTLESS
Management Report / HECTAS / 37
HECTAS employs around 12,000 in Europe to make the world
a wholesome place. They leave buildings gleaming, offices
clean and provide safety and security. They clean 25,000 square
metres of glass every day – that’s the equivalent of 3.5 football
fields or 98 tennis courts. And they also tend green areas too,
keeping parks and gardens tidy and attractive.

38 / Management Report / Human Resources
Management Report /
Human Resources
/ ATTRACTIVE CAREER OPPORTUNITIES
/ INDIVIDUAL DEVELOPMENT POSSIBILITIES
Vorwerk – as one of the leading direct selling companies worldwide – offers high-quality products, recognized
sales systems and a fair approach towards self-employed advisers and customers. We can therefore
provide attractive career opportunities and scope for personal and professional development both for
employees as well as for self-employed customer advisers. Thanks to the continued growth of our
business, committed and motivated persons continue to be sought in all sectors of the Vorwerk direct
selling organization. More and more women – even in growing and emerging markets – are recognizing,
for example, that there are greater opportunities for more personal and financial independence in the
reputable direct sale of high-quality products. For many, Vorwerk offers a flexible and attractive return
to working life both during as well as after some years of parental leave. People like taking advantage of
the possibilities of determining earnings for themselves and of thereby contributing to the family income.
The identification of our management with Vorwerk and the leadership culture are of particular significance
for our business and continued growth. It is the task of every manager to assist customer advisers
and staff in their strengths and to define individual and coherent training and development measures for
every member of the team. We support our staff and management within the scope of our global “Talent
Management” process: the target – to give everyone an individual development opportunity.
The Vorwerk Group pursues a policy of continual development of management staff to secure the successor
planning process. Annual dialogues and the measures derived, the identification and targeted application
of development functions as well as the implementation of development centers for the assessment of
potential are just some of the instruments. These activities are carried out internationally across all locations
at regular intervals.
Vorwerk attaches importance to a corporate culture that is based on trust with open communication and
good working conditions. Measures were agreed and implemented, for example, to foster the “work-life
balance” of staff as a part of the “Career and Family” audit. Besides the flexible design of workplaces and
working locations, the focus is on individual measures. The satisfaction of “Vorwerkers” is regularly
evaluated in an international employee survey.
In 2011, an average of 606,889 people were active either as employees or as self-employed customer
advisers and sales partners for the companies of the Vorwerk Group. The number of employees is now at
16,156 due to the transfer of the HECTAS Group to Vorwerk Facility Management Holding KG as of
30 June 2011. 590,733 people were working as self-employed advisers.

STAFF (ANNUAL AVERAGE)
Direct sales
Management Report / Human Resources / 39
2008 2009 2010 2011
Division Kobold 4,625 4,416 4,157 3,856
Division Thermomix 954 1,062 1,377 1,556
Division Feelina 23 7 0 0
Division Lux Asia Pacific 2,411 2,241 2,084 2,193
Division JAFRA Cosmetics 1,635 1,726 1,952 2,004
HECTAS* 12,105 11,647 11,848 5,865
Vorwerk Carpets 352 345 329 324
akf group** 220 216 222 237
Others 150 136 127 121
Total*** 22,475 21,796 22,096 16,156
SELF-EMPLOYED SALES ADVISERS (ANNUAL AVERAGE)
2008 2009 2010 2011
Division Kobold 9,335 9,140 8,788 8,486
Division Thermomix 18,569 20,670 21,979 24,428
Division Feelina 152 4 0 0
Division Lux Asia Pacific 1,799 1,622 1,720 1,561
Self-employed sales advisers “household appliances” 29,855 31,436 32,487 34,475
Self-employed sales advisers JAFRA Cosmetics 525,863 557,815 569,177 556,258
Self-employed sales advisers in total 555,718 589,251 601,664 590,733
Total Vorwerk workforce 578,193 611,047 623,760 606,889
of which sales advisers*** 558,872 592,322 604,496 593,587
* HECTAS until 30 June 2011
** akf group was included using the equity method in the consolidated financial statements up to 2009 and fully consolidated since 2010
*** Including employed sales advisers

Bye-bye!
Day 29,978 (82)
Goodbye, adieu, life’s been good! In Ghana,
people send their loved ones on their very last
journey in an imaginative vehicle, a casket
that may take the form of a camera, a fruit or
even an airplane. The exact form it will take
depends on the profession, passion and hobby
of the worthy deceased. Well then: bon voyage!

That’s life in / GHANA / 41

42 / Management Report / Assets and Earnings Situation
Management Report /
Assets and Earnings Situation
The consolidated balance sheet total of the Vorwerk Group was EUR 346.1 million higher at
EUR 3,066.4 mil lion as of balance sheet date on 31 December 2011, a rise that was mainly attributable
to the growth in business at the akf group.
The increase of EUR 67.4 million in the fixed assets was essentially due to the financial assets which
increased especially on account of a higher portfolio of securities at the akf group (EUR 24.5 million).
Additionally, investments were made at Vorwerk Direct Selling Ventures (EUR 12.5 million) and additional
shares of EUR 6.6 million were acquired in closed real estate funds.
The considerable increase in balance sheet total was particularly the result of higher current assets
(increase of EUR 295 million), which could primarily be attributed to the expansion in the instalment loan,
investment credit and forfeiting business at akf group (EUR 179 million). The launch of a number of new
products in the high ticket items and the securing of the supply capability resulted in inventory levels being
some EUR 25.8 million higher. Further, trade accounts receivable in the Kobold und Thermomix divisions
increased (EUR 18.7 million). The transfer of the HECTAS Group to Vorwerk Facility Management Holding
KG had a contrary effect (EUR 28.4 million). The increase of other assets was mainly due to reporting the
shareholding book value of a company, including its subsidiary, acquired in the 2011 business year. After
acquisition, considerable parts of the operative business were transferred to the buyer.
The liabilities side was characterized by partners’ equity (EUR 1,211 million). This only resulted in a negligibly
lower partners’ equity capital ratio of 39 percent (previous year 41 percent). Based on an assumed
consolidation of the akf group at equity, the partners’ equity capital ratio would be 65 percent compared
to 61 percent the year before. The equity to fixed assets ratio was at 100 percent. Moreover, 13 percent of
the inventories, receivables and other assets were financed long-term with equity capital.
Similar to the rise on the assets side, the increase in the liabilities of EUR 251.2 million was mainly due to
the growth in business at the akf group. Liabilities to banks could almost entirely be attributed to the akf
group following a repayment of EUR 115.2 million. Liabilities from the deposit-taking business only
existed at akf group. They increased by EUR 281.6 million in the year under review due to the successful
assumption of the deposit-taking business and could be used as planned to refinance the expansion of
business. Liabilities to affiliates only accrued for a subsidiary company of the akf group.
Vorwerk achieved Group sales of EUR 2,367.1 million in the 2011 business year, which was approximately
at the level of the previous year, despite the above-mentioned transfer of the HECTAS Group. Taking into
account a full business year for the HECTAS Group, sales would amount to EUR 2.471 billion or 4.2 percent

above the previous year. Regarding more detailed explanations about the sales development, reference is
hereby made to the respective explanations about the divisions.
The reduction in the level of other operating income was particularly attributable to lower income from the
reversal of accruals. The high increase in cost of materials – when compared to sales – was essentially due to
the transfer of the HECTAS Group to Vorwerk Facility Management Holding KG. The considerable reduction
in personnel costs was mainly the result of the deconsolidation of the HECTAS Group. However, this was
partly compensated by higher personnel expenses at the akf group and in the Thermomix division. Interest
income fell due to lower earnings from installment receivables for high ticket items and special funds. Interest
expense could be reduced on account of a repayment of bank liabilities.
Management Report /
Financial Situation
Management Report / Financial Situation / 43
The European debt crisis was and continues to be the dominating theme concerning the development of
the global economy and the capital markets. Whereas the interest rates on German bonds and US
trea suries again fell markedly, the rates for Italian and Spanish sovereign debt increased sharply. The
policy of the IMF and the ECB is still focused on finding a crisis mechanism that will restore confidence
in European public finance, support the required debt reduction programs without impairing economic
growth too much.
The strategic alignment of the Vorwerk Group (without the akf group) to reduce both the absolute amount
as well as the term of our investments in government bonds resulted in lower interest income on account
of the development of interest rates, in particular those for German government issues. This combined
with a defensive investment policy in the global equity markets meant that we closed the year on a period
to period basis with a negative result for our financial investments – when taking realized and unrealized
income into account. As a consequence of the sharp, strategic reduction in (state) bonds, hidden reserves
were realized in the past; therefore, a significantly positive result from our investments was reported on
the whole.
The akf group consists of the bank and a leasing operation. The active business was refinanced as in
previous years with matching maturities. In the 2011 business year, receivables were sold within the scope
of an asset-backed commercial paper (ABCP) transaction. In addition, receivables were sold to the specialpurpose
vehicle KMU Portfolio S.A. within the scope of an ABS bond issued in the previous year, however
with the main risks being retained. All recognizable risks ensuing from loan transactions have been
adequately accounted for with individual value adjustments.

44 / Management Report / Opportunities and Risks
Management Report /
Opportunities and Risks
The Vorwerk Group is greatly diversified in terms of products and sales systems as well as on account of
its international positioning. The Group will also benefit from positive market developments in the future
as a result of this structure. The focus will continue to be on direct selling in this respect and thereby on
a sales approach that grows dynamically. Since Vorwerk combines different types of direct selling “under
one roof ” and ensures regular know-how transfer between the product divisions, new growth trends can
be recognized at an early point and taken advantage of to further develop the company. The investments
of Vorwerk Direct Selling Ventures in young companies provides Vorwerk with access to innovations in
direct selling and thus fosters the process of change and renewal.
At the same time the Vorwerk Group is exposed to a range of risks. Effective planning, reporting and
control systems have been put in place in the individual companies to protect against risks. In principle,
uniform guidelines apply across all divisions. They are defined by the Executive Board at Vorwerk & Co.
KG and are monitored in the form of a reporting process to ensure they are adhered to. The processes are
continually reviewed – even in manufacturing – and adjusted when risks are identified.
The investment strategy at the Vorwerk Group primarily pursues the target of securing assets long-term.
The internal Finance Committee regularly reviews the strategy with the aim of avoiding any identified
risks. Risks ensuing from exchange rate fluctuations are also taken into consideration and hedged as far
as possible for operative business activities.
The opportunities and risks for the future development of the Vorwerk Group arise from focusing on
direct selling. The great opportunities offered by this sales channel are offset by the specific risks.
The share of direct sales to total sales of the sector, for instance, is rather low, which could potentially lead
to a lack of perception among legislators at national and international level. Vorwerk therefore runs PR
campaigns targeted at decision-makers, is a member of associations such as Direct Selling Europe (DSE)
and runs its own information bureau at the European Union in Brussels. The objective is to provide information
about the development opportunities offered by direct selling and to sensitize decision-makers to
the specifics of the system. In particular, the attractive income and career opportunities for customer
advisers may not be allowed to be pushed into the background of public perception. Reputable direct selling
creates the possibility worldwide of achieving self-earned income that is based on the principle of individual
performance and commitment.

Management Report / Opportunities and Risks / 45
To further spread the risks, Vorwerk pursues a policy of internationalization of the business segments.
The target is to further reduce the risks that could result from an unbalanced dependency on the development
of individual subsidiaries. The Vorwerk Group operates in a constantly changing competitive
environment, one in which the high quality of the products continues to play a decisive role in the
differentiation to potential competitors.
Fundamentally, direct selling is very much dependent on the recruitment and training of sales advisers
and management staff. A centrally-steered, “Talent Management” program and a Group-wide personnel
policy based on uniform guidelines take this factor into account.
A differentiated approach also has to be taken with respect to the opportunities and risks at the akf group.
The euro debt crisis will probably not be definitively resolved in the coming year. Much will depend upon
the extent to which the fundamentally correct steps – such as the introduction of a debt cap linked with
tough sanction mechanisms – can be politically implemented. The continuing political unrest in the Arab
world could also lead to fluctuations on the capital markets from time to time. The refinancing base will
be strengthened by the continued expansion of the deposit-taking operation in terms of new client groups
and products. This will result in an even greater independence of the bank.
Overall, existing default risks and those arising from future developments continue to be steered and
monitored on the basis of proven, stringent standards and the IT-supported rating system. Following the
2010 business year in which high provisions for risks had to be made, a distinct reduction in the default
rate became noticeable in the year under review. A continued downward trend and a significant easing of
the situation are expected for the current business year.
From today’s point of view there are no risks that could have a negative impact on the Vorwerk Group’s
ability to continue as a going concern. In recent years the high equity capital ratio and the improvement
in the worldwide strategic position have led to the creation of higher, risk-covering volumes. Moreover,
this broad base on the global market means that Vorwerk is generally well-protected against implications
for the corporation resulting from problems experienced in regional, industry or product-specific areas.
There have been no events of any material significance that have occurred since the balance sheet date
for the year 2011.

46 / That’s life
“Every man is more than just himself; he also
represents the unique, the very special and always
signifi cant and remarkable point at which the world’s
phenomena intersect, only once in this way, and never
again. That is why every man’s story is important and
worthy of consideration.”
HERMANN HESSE

Consolidated Financial
Statements 2011
48 Consolidated
Balance Sheet
50 Consolidated Profit
and Loss Account
52 Movements in
Fixed Assets
54 Explanatory Notes
61 Auditors’ Report
Consolidated Financial Statements / 47

48 / Consolidated Financial Statements / Consolidated Balance Sheet
Consolidated Balance Sheet
As at 31 December 2011
31.12.2011 31.12.2010
Assets
A. Fixed assets
I. Intangible assets
1. Concessions, industrial property and similar rights and assets,
€ 000 € 000
and licences in such rights and assets 13,408 16,643
2. Goodwill 250,349 261,561
3. Prepayments 247 65
264,004 278,269
II. Tangible assets
1. Land, similar rights and buildings
including buildings on leasehold land 50,373 55,368
2. Technical equipment and machinery 48,325 51,109
3. Other equipment, factory and office equipment 28,482 36,470
4. Rental assets 539,607 501,901
5. Prepayments and construction in process 6,768 4,490
III. Financial assets
673,555 649,338
1. Participations in associated companies 300 310
2. Other participations 22,291 13,455
3. Loans to companies in which the company has a participating interest 3,719 –
4. Long-term securities 58,013 41,049
5. Other financial assets 28,095 155
112,418 54,969
Fixed assets 1,049,977 982,576
B. Current assets
I. Inventories
1. Raw materials and supplies 33,272 27,407
2. Work in progress 7,236 4,746
3. Finished goods and merchandise 83,455 66,363
4. Prepayments 449 93
124,412 98,609
II. Receivables and other assets
1. Trade receivables; 398,632 410,537
of which with a remaining term of more than 1 year: (1,358) (1,268)
2. Receivables from customers from banking and leasing business; 623,672 440,073
of which with a remaining term of more than 1 year: (390) (1,137)
3. Receivables from companies in which the company has a participating interest 265 357
4. Other assets; 124,250 77,339
of which with a remaining term of more than 1 year: (15,936) (4,228)
1,146,819 928,306
III. Other securities 340,278 356,076
IV. Cheques, cash on hand, bank balances 368,711 302,178
C. Prepaid expenses and deferred charges
Current assets 1,980,220
11,365
1,685,169
9,596
D. Deferred tax assets 24,831 42,960
3,066,393 2,720,301

As at 31 December 2011
Consolidated Financial Statements / Consolidated Balance Sheet / 49
31.12.2011 31.12.2010
Equity and Liabilities
A. Partners’ equity
1. Capital shares, reserves, capital contributions
of silent partners, net profit share of parent company,
€ 000 € 000
currency conversion difference
2. Compensating item for minority interests
1,211,014 1,110,386
in capital and reserves 318 1,493
in profits -386 -129
-68 1,364
B. Accruals
1,210,946 1,111,750
1. Accruals for pensions and similar obligations 122,998 122,626
2. Tax accruals 33,325 34,406
3. Other accruals 183,128 179,086
339,451 336,118
C. Accounts payable
1. Bank loans and overdrafts 390,577 505,742
2. Liabilities from the deposit-taking business 286,721 5,144
3. Customer advances 31,164 29,474
4. Trade payables 338,239 335,219
5. Drafts and notes payable 53 89
6. Payables to affiliated companies 89,843 –
7. Payables to companies in which the company has a participating interest 5,098 2,979
8. Other liabilities; 249,009 260,875
of which taxes: (29,713) (52,066)
of which social security payables: (11,720) (12,984)
1,390,704 1,139,522
D. Deferred income 125,292 130,019
E. Deferred tax liabilities 0 2,892
3,066,393 2,720,301
Contingent liabilities
1. Bills of exchange 84 –
2. Secondary liability for pension obligations transferred to the provident fund 10,302 9,840
3. Liability for sureties 43 508
4. Irrevocable lending commitments 72,736 55,065

50 / Consolidated Financial Statements / Consolidated Profit andLoss Account
Consolidated Profit
and Loss Account *
For the Period 1 January to 31 December 2011
€ 000 € 000
1. Sales
a) External sales (gross) 1,985,579 1,996,324
b) Income from loan and leasing transactions (gross) 381,540 375,681
2011
2010
2,367,119 2,372,005
less turnover tax 345,015 346,534
2,022,104 2,025,471
2. Change in finished goods and work in progress 15,960 11,610
3. Other own work capitalized 421 372
2,038,485 2,037,453
4. Other operating income; 103,257 108,252
of which income from currency translation:
5. Cost of materials:
(8,686) (9,497)
a) Cost of raw materials, supplies and merchandise 272,863 269,158
b) Cost of purchased services 16,539 21,363
289,402 290,521
6. Cost of loan and leasing transactions 141,733 132,086
1,710,607 1,723,098
7. Personnel expenses:
a) Wages and salaries 352,354 390,718
b) Social security, pension and other benefits; 81,694 89,308
of which relating to pensions: (13,779) (12,650)
434,048 480,026
8. Amortization and depreciation of fixed intangible and tangible assets 182,999 185,097
9. Income from participating interest; 1,140 1,137
of which from associated companies: (50) (44)
10. Income from other long-term securities and other financial assets 497 224
11. Other interest and similar income; 35,083 54,294
of which income from the discounting of provisions: (0) (881)
12. Write-down of long-term financial assets and current securities 2 19
13. Interest and similar expenses; 17,440 29,017
of which expenditure from accrued interest on provisions: (7,293) (8,040)
14. Collective heading; 1,112,838 1,084,594
of which expenditure from currency translation;
Other items not shown separately
(other operating expenses, taxes, net profit for the year)
(11,809) (14,771)
* HECTAS until 30 June 2011

Number of
the year
76
Our family is growing – internationally.
The Vorwerk Group now operates in
76 countries around the globe; ten more
than in the previous year.
Consolidated Financial Statements / 51

52 / Consolidated Financial Statements / Movements in Fixed Assets
Movements in Fixed Assets
From 1 January to 31 December 2011
Gross values
As at
Currency
translation
As at
1.1.2011 differences Additions Disposals Disposals* Transfers 31.12.2011
€ 000 € 000 € 000 € 000 € 000 € 000 € 000
I. Intangible assets
1. Concessions, industrial property
and similar rights and assets, and
licences in such rights and assets 52,019 -2,305 3,370 3,147 1,551 188 48,574
2. Goodwill 335,177 – – – 138 – 335,039
3. Prepayments 65 – 156 – – 40 261
II. Tangible assets
1. Land, similar rights and
buildings, including
387,261 -2,305 3,526 3,147 1,689 228 383,874
buildings on leasehold land 125,617 -1,605 749 82 3,854 1,086 121,911
2. Technical equipment and machinery
3. Other equipment, factory
216,748 -1,370 9,472 2,542 749 3,503 225,062
and office equipment 142,775 -1,840 11,108 5,535 28,258 354 118,604
4. Rental assets
5. Prepayments and construction
854,622 – 273,779 252,686 366 -40 875,309
in process 4,490 -57 8,643 1,175 2 -5,131 6,768
III. Financial assets
1. Participations in
1,344,252 -4,872 303,751 262,020 33,229 -228 1,347,654
associated companies 310 – 18 38 – 10 300
2. Other participations
3. Loans to companies
in which the company
13,515 – 9,106 – 260 -10 22,351
has a participating interest – – 3,719 – – – 3,719
4. Long-term securities 41,105 – 24,649 1,006 414 -6,280 58,054
5. Other financial assets 157 – 21,853 194 – 6,280 28,096
55,087 – 59,345 1,238 674 – 112,520
1,786,600 -7,177 366,622 266,405 35,592 – 1,844,048
* Disposals due to change in the consolidated group

Currency
Consolidated Financial Statements / Movements in Fixed Assets / 53
Accumulated depreciation/amortization Net values
As at translation
As at
As at As at
1.1.2011 differences Additions Disposals Disposals* Write-ups 31.12.2011
31.12.2011 31.12.2010
€ 000 € 000 € 000 € 000 € 000 € 000 € 000 € 000 € 000
35,376 -1,349 3,873 1,543 1,191 – 35,166 13,408 16,643
73,616 – 11,182 – 108 – 84,690 250,349 261,561
– – 14 – – – 14 247 65
108,992 -1,349 15,069 1,543 1,299 – 119,870 264,004 278,269
70,249 -6 3,197 67 1,835 – 71,538 50,373 55,368
165,639 -415 14,036 2,058 465 – 176,737 48,325 51,109
106,305 -1,160 10,932 4,994 20,961 – 90,122 28,482 36,470
352,721 – 139,763 156,518 264 – 335,702 539,607 501,901
– – – – – – – 6,768 4,490
694,914 -1,581 167,928 163,637 23,525 – 674,099 673,555 649,338
– – – – – – – 300 310
60 – – – – – 60 22,291 13,455
– – – – – – – 3,719 –
56 – 2 – – 17 41 58,013 41,049
2 – – 1 – – 1 28,095 155
118 – 2 1 – 17 102 112,418 54,969
804,024 -2,930 182,999 165,181 24,824 17 794,071 1,049,977 982,576

54 / Consolidated Financial Statements / Explanatory Notes
Explanatory Notes to the Consolidated Financial Statements pursuant
to §§ 13 par. 3 in association with 5 par. 5 PublG
I. Introductory Remarks
Vorwerk & Co. KG is publicly disclosing its worldwide consolidated
financial statements and the Group Management Report
for the 2011 business year in accordance with the requirements
of the German Publication and Disclosure Law (PublG) and the
German Commercial Code (HGB).
There is no publication of the information pursuant to § 313
par. 2 HGB, which is a constituent element of these explanatory
notes, for reasons of clarity. This information will be
published under the company’s name in the electronic German
Federal Gazette.
II. Consolidated Group
The parent company is Vorwerk & Co. KG (Holding Company).
The Group companies operate in the following commercial
segments: the manufacture and direct sale of high-quality
household appliances, cosmetics, facial and body-care products
as well as carpeting.
As of 30 June 2011, a group of 23 companies was transferred
to a sister company of Vorwerk & Co. KG which operates in the
sector of infrastructural facility services. Two companies have
been removed from the consolidated group because they were
either liquidated or merged. These changes in the composition
of the companies included in the consolidated financial statements
are negligible, therefore the consolidated financial
statements of the previous year are still comparable.
As in the previous year, a foreign-based logistics company has
been included in the figures and valued at equity as an associated
company in accordance with the provisions of §§ 311 and
312 HGB. Two associated companies have not been included in
the consolidated figures at-equity because of their minor
significance pursuant to § 311 par. 2 HGB, but instead have
been included at acquisition cost.
In the 2011 business year, the akf group acquired all the shares
in two companies and transferred material parts of the operative
business to the purchasing companies. Against this background
they have not therefore been included as per § 296 par.
1 HGB. The participations net carrying value is stated under
others net carrying assets. Moreover, four companies of minor
significance have not been consolidated as per § 296 par. 2 HGB.
III . Classification, Accounting and Valuation Methods
The balance sheet and the profit and loss account are laid out
for reporting purposes in accordance with the format stipulated
in §§ 290 ff, 266 and 275 HGB for corporate entities. On
account of the full consolidation of the akf group, the balance
sheet and the profit and loss account have been enlarged to
include banking and leasing-specific items, insofar as the
assets and liabilities of the akf group could not be allocated to
already existing line items or allow for more transparent
reporting. The line item “liabilities from the deposit-taking
business” has been included in the balance sheet for the first
time in the 2011 business year. The previous year’s figure was
reclassified accordingly from trade payables. Obligations of
the akf group towards a special-purpose vehicle to the amount
of EUR 267.3 million are included in trade payables.
Other financial assets include not only loans but also non-securitized
minority holdings in closed real estate funds, which
were included with long-term securities in the previous year.
The capital contributions of silent partners are also included
in partners’ equity since they are of an equity-capital-similar
nature because they are provided with a subordination clause.
The taxes and net profit reported in the consolidated profit and
loss account (for disclosure) pursuant to § 5 par. 5 PublG have
been included with other operating expenses under the collective
heading “other items not shown separately”.

Vorwerk & Co. KG’s accounting and valuation principles also
pertain to the consolidated financial statements. Valuations at
the akf group have been adopted unchanged pursuant to § 308
par. 2, sentence 2 HGB. The financial statements of non-
German subsidiaries drawn up in accordance with national
rules and regulations and departing from German legal
requirements have been adjusted in line with what is known as
the Handelsbilanz II (Type II Commercial Balance Sheet). The
valuation methods applied correspond to uniform valuation
as defined in § 308 par. 1 HGB. They remain unchanged from
those applied in the previous year. Purchased intangible assets
have been capitalized at acquisition cost less straight-line
amortization over their estimated useful lives on a pro rata
temporis basis.
The period for scheduled straight-line depreciation of goodwill
acquired against payment is 30 years.
In the case of tangible fixed assets and rental assets (allowing
for contractual periods and residual carrying values), where
the useful life is definite, the acquisition or manufacturing cost
has been depreciated on a straight-line basis over their estimated
useful lives. Manufacturing cost includes the individually
attributable costs from the consumption of goods and the
use of services as well as appropriate proportions of the
material and manufacturing overheads. Depreciation of
additions to the tangible fixed assets is generally effected on a
pro rata basis. If the fair market value of individual assets is
below their net carrying value, impairment charges are
recognized for permanent impairment.
Financial assets have been valued at acquisition cost and loans
at nominal value or at lower fair value.
The development of fixed assets is presented in the “Movements
in Fixed Assets” statement.
Inventories have been valued at acquisition cost or manufacturing
cost in accordance with the lower of market cost principle.
The acquisition cost of raw materials, supplies and
merchandise is calculated using the average cost method.
Consolidated Financial Statements / Explanatory Notes / 55
Apart from the direct costs, the manufacturing costs of the
finished goods and work in progress include only the adequate
portions of the material and manufacturing overheads
required and depreciation on the fixed assets caused by manufacturing.
Receivables and other assets have been shown at nominal
value less appropriate valuation allowances. Receivables from
customers from factoring and hire purchase transactions have
been reported at their present value less an individual or
general valuation allowances.
Marketable securities have been stated at acquisition cost or
the lower fair value prevailing as of the balance sheet date.
Liquid funds have been stated at nominal value.
Business transactions denominated in foreign currencies are
principally stated at the historical rate of exchange at the date
first recorded. Receivables, other assets, payables and liquid
funds in foreign currencies have been valued at the mean spot
exchange rate on the balance sheet date. In the case of foreign
currency items with a remaining term of more than one year,
the acquisition cost and realization principle have been
adopted. The requirements of § 340 h HGB have been applied
to the foreign currency translation of the assets and liabilities
of the companies of the akf group.
Revaluations have been made, if applicable, in accordance
with § 253 par. 5 HGB.
Provisions have been accrued with the application of prudent
business judgment at the expected settlement amount.
The provisions for pensions – calculated in accordance with
the actuarial projected unit credit method – have been generally
discounted over an estimated term of 15 years using
Heubeck 2005G Mortality Tables at the average market interest
rate of 5.14 percent, as published by the German Federal Bank.
The trend in salaries has been assumed to be 3.5 percent; in
pensions 1.1 percent. Fluctuation has been duly considered on
the basis of years of service and age-related probabilities.

56 / Consolidated Financial Statements / Explanatory Notes
Other accruals and provisions with a remaining term of more
than one year have been discounted – in accordance with their
remaining term – at the average market interest rate prevailing
over the past seven business years. In evaluating semi-retirement
and anniversary provisions, the same valuation parameters
as for pension obligations are fundamentally applied,
except for term-specific interest rates for semi-retirement
obligations.
Liabilities have been shown at their settlement amounts. Pay -
ables to companies in which the company has a participating
interest concerns associated companies in the amount of
EUR 4.3 million. The capital with participation rights – included
under other liabilities – has been reported at nominal value.
Deferred income mainly includes special rental payments and
rental prepayments attributable to future business years as
well as accrued net present cash values from leasing receivables
sold to banks. Such amounts will be reversed on a straightline
basis in accordance with the underlying term and pursuant
to the principle of loss-free valuation.
To compensate for counteracting cash flows, liabilities and
pending business have been combined in financial instruments
(valuation unit). Insofar as the preconditions for the creation
of valuation units are not satisfied, the items are accounted for
in accordance with the general valuation principles.
IV. Foreign Currency Translation
All financial statements of the subsidiary companies of the
Group that are included in the consolidation, but which are
located outside the euro-zone have been translated into euros
from the respective local currency using the modified closing
rate method. The items of the balance sheet – with the exception
of the equity capital item that is translated into euros at
historical rates – have been translated at the mean spot
exchange rate as of the balance sheet date.
Cost and income shown in the corresponding profit and loss
accounts have been translated at the average annual rate of
exchange for the year 2011. The translation difference of
EUR 3 million arising therefrom has been included without
profit effect within the partners’ equity after the reserves in the
line item “partners’ equity difference from currency translation”.
The translation differences resulting from exchange
rate fluctuations have led to a EUR 8.6 million decrease in the
line item “partners’ equity difference from currency translation”
without impact on profit or loss.
V. Balance Sheet Date and Consolidation Principles
The subsidiary companies included in the consolidated financial
statements all have 31 December as their balance sheet date
with the exception of one subsidiary that has a balance sheet
date on 31 March. Consolidation of the balance sheets and
profit and loss accounts of the consolidated subsidiaries has
been carried out in accordance with the following principles:
1. Capital Consolidation
Capital consolidation for acquisitions up to 31 December 2009
was effected in accordance with the book value method. Capital
consolidation for first-time consolidations after 1 January
2010 has been carried out pursuant to the revaluation method.
In this respect, the book values of the holdings have been offset
against the allocable equity capital of the corresponding
subsidiary companies at the date of acquisition following a
revaluation of the assets and liabilities acquired and realization
of hidden reserves and hidden charges.
Capitalized differences from the first-time consolidation of the
JAFRA Group in the 2004 business year have been recognized
as goodwill on the assets side after the reversal of hidden
reserves in the assets.
Pursuant to § 253 par. 3 HGB, the goodwill of the JAFRA Group
will be amortized over the individual operational useful life of
more than five years. This is derived from the use of the brand
and brand-similar benefits which, besides the sales system
and the know-how of the staff in R&D, constitute essential
elements of the goodwill of the company. The remaining capitalized
differences from previous years have been stated separately
within the partners’ equity section. Should any credit
differences have resulted from this netting in previous years,

such amounts have been combined with the reserves in
previous years on account of their reserve characteristic. In
the case of the deconsolidation of the subsidiaries in the year
under review, the netting of the goodwill against the
reserves without impact on profit or loss that was carried out
at the time of first consolidation has been kept.
Minority interests in the equity capital subject to consolidation
and in the results of the subsidiary companies included in
consolidation have been shown in the compensating item for
minority interests.
The consolidation of a foreign-based logistics company at
equity has been effected in accordance with the book value
method. In this respect the valuation principles applied by this
associated company have been adopted without change.
Vorwerk’s share of profits from companies consolidated at
equity has been included in the profit and loss account as
income from participations.
2. Debt Consolidation
Amounts due as receivables or payables in respect of companies
within the consolidated group have been offset against
each other for dept consolidation purposes (§ 303 HGB).
3. Consolidation of Earnings
The consolidation of income and expenses contained in the
items shown in the consolidated profit and loss account comply
with § 305 HGB. Inter-company sales and the corresponding
expenses as well as the remaining inter-company income and
expenses from the consolidated companies’ profit and loss
accounts have been offset against each other.
Consolidated Financial Statements / Explanatory Notes / 57
4. Deferred Taxation
Deferred taxation is reported due to differences in the
approaches between the commercial and taxbase balance
sheets, insofar as such states a tax burden or relief. Moreover,
deferred taxation considers possible losses and interest carried
forward, provided they are expected to be taken up within the
next five years.
An excess of deferred tax assets over deferred tax liabilities is
not recognized in the individual financial statements.
Departing from this, the election to recognize this excess in the
consolidated financial statements pursuant to § 274 par. 1,
sentence 2 in conjunction with § 300 par. 2, sentence 2 HGB
has been exercised. Deferred tax assets and liabilities are
netted against one another when the preconditions for such
prevail. For the purposes of the consolidated financial statements,
an aggregated figure of the items is reported pursuant
to § 274 HGB (§ 306 sentence 6 HGB).
Deferred taxes for differences arising from the first time recognition
of goodwill are not reported. Additionally, deferred
taxes are not scheduled for differences between the taxbase of
subsidiaries or associated companies and the commercial
valuation of the net assets reported in the consolidated financial
statements.
As of 31 December 2011, the balance of future tax burden/relief
calculated on the basis of the different approaches applied for
the commercial and taxbase balance sheets ensued mainly for
from the amounts receivables and payables from/to affiliated
companies, inventories and the provisions for pensions. When
calculating taxes for consolidation entries affecting profits
pursuant to § 306 HGB, a uniform Group-wide average tax rate
of 30 percent has been basically applied to dept consolidation
and the interim profit elimination; otherwise companyspecific
tax rates have been applied. The calculation of deferred
taxes in the individual financial statements is based on tax
rates applying to the individual companies.

58 / Consolidated Financial Statements / Explanatory Notes
VI. Other Statutory Disclosures Pursuant to § 314 HGB and
Explanatory Notes to Various Items in the Consolidated
Balance Sheet and Consolidated Profit and Loss Account
1. Remaining Terms for Liabilities (RTL)
2. Securitised Liabilities
The akf group issued a bearer bond to a third party in the 2008
business year totaling EUR 27.0 million for a term of five years
and is included under other liabilities.
3. Contingent Liabilities, Other Financial Commitments and
Off-Balance Sheet Transactions
Obligations arising from rental, tenancy and leasing contracts
as of the balance sheet date amounted to EUR 102.9 million for
the following years, EUR 32.8 million of which falls due in
2012. Order obligations for investments in tangible fixed assets
amount to EUR 4.2 million (EUR 4.0 million in the previous
year). There are long-term obligations arising from contracts
with suppliers to the amount of EUR 27.8 million as of the
balance sheet date.
The risk of recourse from the joint liability for the pension obligations
that have been transferred to the provident fund as
well as from the joint liability on the basis of the Articles of
Association from the participation in the Liquiditäts-Konsortialbank
GmbH, Frankfurt/Main, can more or less be excluded
since the provident fund and the aforementioned company can
meet their long-term obligations from their own cash assets.
31.12.2010 31.12.2011
in € 000 RTL < 1 yr RTL > 5 yr Total RTL < 1 yr RTL > 5 yr Total
Bank loans and overdrafts 289,128 0 505,742 258,528 0 390,577
Liabilities from the deposit-taking business 5,144 0 5,144 259,049 320 286,721
Customer advances 29,474 0 29,474 31,164 0 31,164
Trade payables 333,969 102 335,219 336,029 0 338,239
Drafts and notes payable 89 0 89 53 0 53
Payables to affiliated companies 0 0 0 89,843 0 89,843
Payables to companies in which the company has a participating interest 2,979 0 2,979 5,098 0 5,098
Other liabilities 252,161 2,363 260,875 238,827 4,211 249,009
Liabilities 912,944 2,465 1,139,522 1,218,591 4,531 1,390,704
The risk of guarantees being called upon is estimated to be low
since it is mostly a case of contract fulfillment guarantees that
are limited to the term of the individual agreements.
4. Profit and Loss Account
Group Sales (incl. turnover tax) 2010 2011
Breakdown by Region € m € m
Germany 800.8 772.4
Europe 1,077.3 1,105.6
North America 422.0 411.1
Rest of world 71.9 78.0
Total 2,372.0 2,367.1
Group sales divided according to business division are shown
in the Group Management Report.
5. Present Value of Derivative Financial Instruments
Commodity swaps, exchange rate futures and options, currency
swaps as well as interest-rate swaps and options are used at the
Vorwerk Group for hedging purposes, both for operative business
activities as well as in the area of foreign currency
financing. The present value of a derivative financial instrument
is the price at which a party would acquire the rights and/
or obligations entailed in this financial instrument from
another party. The net carrying and present values of the financial
instruments of the Vorwerk Group are reported as follows:

Derivative Financial Instruments
Net
carrying
Present value
as of 31.12.2011
in € 000 Nominal value value Positive Negative
Currency options 20,936 -88 255 -88
Currency futures 39,832 -269 216 -269
Interest rate swaps 321,163 0 1,758 -3,227
Interest rate options 235,000 311 88 -2,871
Currency swaps 4,906 0 0 0
Commodity swaps 4,177 -596 0 -596
Provisions for onerous losses in the amount of EUR 0.95
million have been formed to cover specific currency futures,
commodity swaps and on account of negative market values
for the interest-rate swaps entered into by way of a hedge at the
portfolio level and which are not combined in a valuation unit.
Option premiums to the amount of EUR 0.3 million have been
reported under other assets.
The nominal value of the derivative financial instruments is
determined using the exchange rates on the closing date.
The present values of currency futures and currency swaps
are determined according to the closing rate as of the
balance sheet date, taking forward discounts and premiums
into account. The present values of currency options are
assessed on the basis of option price models pursuant to
Black & Scholes. The present values of interest-rate hedging
instruments (interest-rate swaps and options) as well as
commodity swaps are determined on the basis of discounted,
anticipated future cash flows with the current market
interest-rates or market rates for raw materials for the
remaining term of the financial instruments being applied.
To hedge the interest risks in its banking book from payment
fluctuations in its investment book, the akf group applies
portfolio hedges consisting of interest-rate swaps, caps and
collars with a nominal value of EUR 486.6 million. These are
combined with liabilities in the amount of EUR 540.3 million
into valuation units as defined by § 254 HGB. There was a
negative market value of the derivatives used as of the
balance sheet date of EUR 5.7 million, a sum that is not
considered in the balance sheet on account of the valuation
Consolidated Financial Statements / Explanatory Notes / 59
unit created and the application of the net hedge presentation
method. Likewise, there are positive differences to the
amount of EUR 1.8 million that are not reported either.
Since the liabilities and the derivates are exposed to the
same interest risk, the changes in cash flows are offset from
opposite effects. The effectiveness of the hedging relationships
is determined regularly by prospective regression
analyses.
6. Information on Shares in Investment Funds
Vorwerk & Co. KG holds 100 percent of the units of the VWUC
Fund. The VWUC Fund has mixed fund assets pursuant to
German investment law.
The target of the investment policy is to generate an attractive
increase in value in euro with a longer-term strategy. To
achieve this investment objective, the assets are invested in
fixed-interest securities as well as in money market instruments
and liquid funds. Moreover, the Fund can invest in securities
on the equity markets and in units of open and closed
investment funds (shares, commodities and real estate). To
secure as well as to invest and efficiently manage the assets, the
Fund may, in addition, also deploy derivatives and other techniques
and instruments as well as securities lending.
Value of the Units and Variance to the Book Value
in € 000 Book value Market value Variance
VWUC Fund 325,718 362,752 37,034
Vorwerk & Co. KG received a gross dividend of EUR 5.175 million
(EUR 2.5872 per unit) for the Fund’s business year (1 December
2010–30 November 2011).
The Fund’s units could be redeemed on any stock exchange
trading day in the year. In the year under review special fund
units were sold at a book value of EUR 114.3 million. Vorwerk
achieved a profit of EUR 38.0 million from this transaction.
The Fund’s units were evaluated throughout the entire year in
accordance with the lower of cost or market.

60 / Consolidated Financial Statements / Explanatory Notes
7. Other Information
The akf bank makes use of an asset-backed commercial paper
(ABCP) program to refinance its customer receivables and in
this respect, sells customer receivables with the transfer of all
opportunities and risks. The sold receivables are as of this
point in time no longer reported in the balance sheet. The
program will continue for the time being and has a volume of
EUR 265.8 million, which had been fully utilized as of the
balance sheet date except for EUR 53 million. This program
strengthens the liquidity and the financial resources fund and
extends the number of refinancing channels. On the other
hand there are risks that emerge from the buyer’s right to serve
notice of cancellation.
In the year under review, the fees for the auditors amounted to
EUR 674,000, for tax consultancy EUR 120,000 and for other
services EUR 69,000.
Average Annual Number of Personnel
Management at the parent company Vorwerk & Co. KG is in the
hands of the Managing Partners, Walter Muyres, Jüchen, and
Reiner Strecker, Wuppertal.
Wuppertal, 18 April 2012
Walter Muyres
Reiner Strecker
2010 2011
Employees* 22,096 16,156
Advisers in direct sales 601,664 590,733
Kobold 8,788 8,486
Thermomix 21,979 24,428
JAFRA Cosmetics 569,177 556,258
Lux Asia Pacific 1,720 1,561
* Including employed sales advisers; HECTAS deconsolidated as of 30 June 2011

Auditors’ Report
The foregoing consolidated balance sheet and profit and loss
account, the explanatory notes (without any listing of investment
holdings) together with the Group Management Report as
intended for publication comply with the legal requirements.
PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft,
Essen, expressed the following opinion on
the complete set of consolidated financial statements and the
Group Management Report:
“Audit opinion
We have audited the consolidated financial statements –
prepared by Vorwerk & Co. KG, Wuppertal, comprising the
balance sheet, profit and loss account and explanatory notes,
together with the Group Management Report for the business
year from 1 January to 31 December 2011. The preparation of
the consolidated financial statements and the Group Management
Report in accordance with German commercial law is the
responsibility of the Managing Partners of the company. Our
responsibility is to express an opinion on the consolidated
financial statements and the Group Management Report based
on our audit.
We conducted our audit of the consolidated financial statements
in accordance with § 317 of the HGB (German Commercial
Code) and the German generally accepted standards for
the audit of financial statements promulgated by the Institut
der Wirtschafts prüfer in Germany (IDW). Those standards
require that we plan and perform the audit such that misstatements
materially affecting the presentation of the net assets,
financial position and results of operations in the consolidated
financial statements in accordance with German principles of
proper accounting and in the Group Management Report are
detected with reasonable assurance. Knowledge of the business
activities and the economic and legal environment of the
Group and expectations as to possible misstatements are taken
into account in the determination of audit procedures. The
Consolidated Financial Statements / Auditors’ Report/ 61
effectiveness of the accounting-related internal control system
and the evidence supporting the disclosures in the consolidated
financial statements and the Group Management Report
are examined primarily on a test basis within the framework of
the audit. The audit includes assessing the annual financial
statements of the companies included in consolidation, the
determination of the companies to be included in consolidation,
the accounting and consolidation principles used and significant
estimates made by the Managing Partners as well as evaluating
the overall presentation of the consolidated financial
statements and the Group Management Report. We believe that
our audit provides a reasonable basis for our opinion.
Our audit has not led to any reservations.
In our opinion, based on the findings of our audit, the consolidated
financial statements comply with the legal requirements
and give a true and fair view of the net assets, financial position
and results of operations of the Group in accordance with
German principles of proper accounting. The Group Management
Report is consistent with the consolidated financial statements
and as a whole provides a suitable view of the Group’s
position and suitably presents the opportun ities and risks of
future development.”
Essen, 18 April 2012
PricewaterhouseCoopers
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Peter Albrecht Thomas Hofmann
Auditor Auditor

62 / Companies in the Vorwerk Group
The Main Companies in the Vorwerk Group
Germany
Vorwerk & Co. KG
Mühlenweg 17 - 37
42270 Wuppertal
Vorwerk & Co. Interholding GmbH
Mühlenweg 17 - 37
42270 Wuppertal
Vorwerk & Co.
Beteiligungsgesellschaft mbH
Mühlenweg 17 - 37
42270 Wuppertal
Vorwerk Direct Selling
Ventures GmbH
Mühlenweg 17 - 37
42270 Wuppertal
Switzerland
Vorwerk International
Mittelsten Scheid & Co.
Verenastr. 39
8832 Wollerau
Belgium
Vorwerk & Co. KG
Bruxelles Bureau
47, Rue Montoyer
1000 Bruxelles
Direct Sales, Vorwerk
Italy
Vorwerk Folletto s.a.s. di Vorwerk
Management s.r.l.
Via Ludovico di Breme, 33
20156 Milano
Vorwerk Contempora s.r.l.
Via Ludovico di Breme, 33
20156 Milano
Germany
Vorwerk Deutschland Stiftung & Co. KG
Geschäftsbereich Kobold
Mühlenweg 17 - 37
42270 Wuppertal
Vorwerk Deutschland Stiftung & Co. KG
Geschäftsbereich Thermomix
Mühlenweg 17 - 37
42270 Wuppertal
France
Vorwerk France s.c.s.
5, rue Jacques Daguerre
44306 Nantes Cedex 3
Spain
Vorwerk España M.S.L., S.C.
Avda. Arroyo del Santo, 7
28042 Madrid
China
Vorwerk Household
Appliances Co., Ltd. 9F, Vorwerk Plaza
1768 Yishan Road
201103, Shanghai
Portugal
Vorwerk Portugal Electrodomesticos LDA
Rua Quinta do Paizinho
Edificio Bepor, Bloco 2-2° Esq.
2790-237 Carnaxide/Lisboa
Austria
Vorwerk Austria GmbH & Co. KG
Schäfferhofstr. 15
6971 Hard/Bregenz
Poland
Vorwerk Polska Sp. z o. o.
ul. Strzegomska 2-4
53-611 Wrocław
Czech Republic
Vorwerk CS k.s.
Pod Pekařkou 1/107
147 00 Praha 4
Japan
Vorwerk Nippon K.K.
Crescendo Bldg. 2F
2-3-4 Shin-Yokohama
Kohoku-ku, Yokohama-shi
Kanagawa-ken
222-0033
Taiwan R.O.C.
Vorwerk Lux (Far East) Ltd.
Taiwan Branch (H.K.)
5F, No. 85, Section 1
Chuang Hsiao East Road
Taipei City
Mexico
Vorwerk México S. de R.L. de C.V.
Av. Paseo de las Palmas No. 320, Local
PB-A
Col. Lomas de Chapultepec
Delegación Miguel Hidalgo C.P. 11000
México D.F
Vorwerk Engineering
Germany
Vorwerk Elektrowerke GmbH & Co. KG
Mühlenweg 17 - 37
42270 Wuppertal
France
Vorwerk Semco S.A.S.
20, route de Montigny
28220 Cloyes-sur-le-Loir
Italy
Vorwerk Folletto Manufacturing s.r.l.
Via Garibaldi, 27
20043 Arcore-Milano
China
Vorwerk Household Appliance
Manufacturing (Shanghai) Co., Ltd.
Songze Ave. 8777
Qinpu District
201700, Shanghai
Direct Sales, JAFRA Cosmetics
Headquarters & USA
JAFRA Cosmetics International, Inc.
2451 Townsgate Road
Westlake Village, CA 91361
Mexico
JAFRA Cosmetics International, S.A. de C.V.
Blvd. Aldolfo López Mateos #515
Colonia Tlacopac
Delegación Alvaro Obregón
01040 México, D.F.
Brazil
Distribuidora JAFRA de Cosmeticos, Ltd.
Alameda dos Maracatins 659
Moema – São Paulo/SP
CEP 04089-011

Germany
JAFRA Cosmetics GmbH & Co. KG
Leonrodstr. 52
80636 München
Italy
JAFRA Cosmetics S.p.A.
Via Cesare Battisti 58
21043 Castiglione Olona
Switzerland
JAFRA Cosmetics AG
Riedstr. 3/5
6330 Cham
Austria
JAFRA Cosmetics
Handelsgesellschaft mbH
Schäfferhofstr. 15
6971 Hard/Bregenz
Netherlands
JAFRA Cosmetics International B.V.
Geograaf 30
6921 EW Duiven
Russia
JAFRA Cosmetics International LLC
10 1st Pervyi Volokolamskiy proezd
123060 Moskva
Dominican Republic
JAFRA Cosmetics Dominicana S.A.
Gustavo Mejia Ricart No. 121
Ensanche Julieta
Santo Domingo
India
JAFRA Ruchi Cosmetics (India) Private Ltd.
Odeon Cinema
D-Block
Connaught Place
New Delhi
Production
JAFRA MANUFACTURING
Av. La Estacada #201
Parque Industrial Querétaro
Santa Rosa de Jauregui
Querétaro, Querétaro
CP 76220
Mexico
Direct Sales, Lux Asia Pacific
Headquarters
Lux Asia Pacific Pte Ltd.
390 Havelock Road
#08-02 King’s Centre
Singapore 169662
Indonesia
PT. Luxindo Raya
Lux Building
JL. Agung Timur 9
Blok O-1 No. 29-30
Sunter Agung Podomoro
14350 Jakarta
Thailand
Lux Royal (Thailand) Co., Ltd.
523-525 Lux Building
Sukhumvit 71, Phra Khanong-Nua
Wattana, Bangkok 10110
Taiwan R.O.C
Vorwerk Lux (Far East) Ltd.
Taiwan Branch (H.K.)
2F, No. 2 Ruiguang Road
Neihu District
11491 Taipei
Philippines
Lux Appliance Philippines, Inc.
EDSA corner Standford St.
Mandaluyong City 1550
Vietnam
LUX Company Ltd
70 Huynh Van Banh Street
Ward 15
Phu Nhuan District
Hi Chi Minh City
akf Financial Services
Germany
akf bank GmbH & Co KG
Friedrichstr. 51
42105 Wuppertal
akf leasing GmbH & Co KG
Friedrichstr. 51
42105 Wuppertal
Companies in the Vorwerk Group / 63
akf servicelease GmbH
Johannisberg 7
42103 Wuppertal
Spain
akf bank GmbH & Co KG, S.E.
P.E. La Moraleja
Av. de Europa 12, 3a
28108 Alcobendas/Madrid
akf equiprent S.A.
P.E. La Moraleja
Av. de Europa 12, 3a
28108 Alcobendas/Madrid
akf servicelease España S.L.
P.E. La Moraleja
Av. de Europa 12, 3a
28108 Alcobendas/Madrid
Poland
akf leasing polska S.A.
Al. Jana Pawla II 15
00-828 Warszawa
Italy
akf bank GmbH & Co KG
Succurale Italiana
Via Ludovico di Breme, 33
20156 Milano
akf servicelease italia s.r.l.
Via Ludovico di Breme, 33
20156 Milano
Vorwerk Carpets
Vorwerk & Co. Teppichwerke
GmbH & Co. KG
Kuhlmannstr. 11
31785 Hameln
Deutschland

64 / Imprint
Sources
Romy Blümel, page 10;
Christian Lord Otto, page 10, 24f.;
Claudia Weber, page 13;
Fotolia – cristi180884, page 13; WestPic, page 15;
panthesja, page 23; nuttakit, rungrote, page 28;
felinda, page 31; witthaya, page 36;
Roman Sigaev, page 37;
iStockphoto – Richard Clark, page 13, S. 19;
Inga Ivanova, page 21; Cagri Özgür, page 29;
Trout55 page 46;
Imprint
Publication: Vorwerk & Co. KG,
Mühlenweg 17 – 37, 42270 Wuppertal
+49 202 564-1247
www.vorwerk.com
annual.report@vorwerk.de
Editorial staff: Michael Weber (responsibility),
Alexandra Stolpe,
Corporate Communications of the Vorwerk Group
Concept and Design: OrangeLab, Düsseldorf
Print compensated
Id-No. 1215717
www.bvdm-online.de
Wood products originating from responsibly managed forests
are marked with the FSC® trademark and are independently
certified in accordance with stringent Forest Stewardship
Council (FSC) criteria. Only FSC-approved paper was used in
the printing and preparation of this annual report. This
annual report was produced climate neutrally.
Sabine Hecher, page 15, 19, 21, 23, 27, 29, 31, 37, 51;
laif – Fabio Cuttica, page 17;
Paul Holland, page 20;
Getty Images – Frida Marquez, page 25;
Nico Büchsenschütz, S. 28;
Gil Jouin, page 32f.;
laif – Knechtel, page 36;
Stefano Riboli – nigerbend.com, page 41;
Hesse, Hermann: Demian. 5th Werkausgabe, 1920, page 7–8
Text: Vorwerk & Co. KG, Wuppertal,
OrangeLab, Düsseldorf
Pre-press: Die Qualitaner GmbH, Düsseldorf
Translation: Alan Hall, Wuppertal,
Lynda Matschke, Hamburg
Production: Druckhaus Ley + Wiegandt, Wuppertal
© Vorwerk & Co. KG, 2012
Our annual report is published in German and
English with a total circulation of 9,200 copies.