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

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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
Page 3: Report on the 128th fi nancial year
Page 6 and 7: 4 / Contents Contents 6 A Review of
Page 8 and 9: 6 / A Review of Vorwerk A Review of
Page 10 and 11: 8 / A Review of Vorwerk INTERNATION
Page 12 and 13: 10 / That’s life in / CHINA Hello
Page 16 and 17: 14 / Management Report / General Se
Page 18 and 19: 16 / Management Report / Kobold Vor
Page 20 and 21: 18 / Management Report / Thermomix
Page 22 and 23: 20 / That’s life in / ITALY Va’
Page 24 and 25: 22 / Management Report / JAFRA Cosm
Page 26 and 27: 24 / That’s life in / MEXICO
Page 28 and 29: 26 / Management Report / Vorwerk En
Page 30 and 31: 28 / That’s life in / THAILAND Th
Page 32 and 33: 30 / Management Report / akf group
Page 34 and 35: Where Now? Day 16,525 (45) It alway
Page 36 and 37: 34 / Management Report / Vorwerk Ca
Page 38 and 39: 36 / That’s life in / FRANCE } Ja
Page 40 and 41: 38 / Management Report / Human Reso
Page 42 and 43: Bye-bye! Day 29,978 (82) Goodbye, a
Page 44 and 45: 42 / Management Report / Assets and
Page 46 and 47: 44 / Management Report / Opportunit
Page 48 and 49: 46 / That’s life “Every man is
Page 50 and 51: 48 / Consolidated Financial Stateme
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62 / Companies in the Vorwerk Group
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64 / Imprint Sources Romy Blümel,
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So ist das Leben /That's life / C'est la vie / Así es la vida / È la vita ...

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