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

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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.
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Report on the 128th fi nancial year
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4 / Contents Contents 6 A Review of
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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 14 and 15: 12 / Management Report / General Se
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
Page 64 and 65: 62 / Companies in the Vorwerk Group
Page 66: 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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