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

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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
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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
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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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