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39 Risk assessment according to the Swiss Code of Obligations Financial risk assessment and management is an integral part of the Charles Vögele Group-wide enterprise risk management and is governed by policies reviewed by the Board of Directors. The policies provide guidance on operational risk limits and monitoring procedures. Such monitoring procedures contain regular review of accounting policy, significant accounting matters, and items requiring significant management judgments and estimates. The implementation of the accounting policy, the adherence to the regulation and the monitoring on a daily risk basis are carried out by the relevant financial departments. Regular <strong>report</strong>ing on the review of the financial risk situation is performed by the relevant accounting and controlling functions. Charles Vögele Group has established a fully integrated risk process that captures and evaluates the Group’s most important external and internal risks. The key risks are entered in a risk matrix that shows both the potential degree of impact and likelihood of each individual risk. Based on the company’s risk tolerance, Group Management either initiates measures to reduce the degree of impact and/or the likelihood of the risk occurring, or deliberately takes on specific risks. Group Management periodically evaluates and updates the key risks. Charles Vögele Holding AG’s Board of Directors evaluates the effectiveness of the risk management system every year. 40 Post balance sheet events The present financial statements take into consideration events occurring between the balance sheet date and 5 March 2012. In February 2012, the existing 2007 syndicated credit agreement was replaced before maturity by a new syndicated credit agreement with a credit line of CHF 255 million (old credit line: CHF 250 million). The duration of this new credit line ends in September 2015. The interest rate is based on LIBOR plus a margin of between 100 and 375 basis points depending on financial ratios of the Group. The 2011 financial statements, which were discussed between the Audit Committee and Group Management and approved by the Charles Vögele Holding AG Board of Directors on 5 March 2012 are presented to the Annual Shareholders’ Meeting on 4 April 2012 for approval. 56
41 Structure of the Charles Vögele Group as of 31 December 2011 Share/ Company ISO code Partnership capital Charles Vögele Holding AG Freienbach SZ, CH Holding CHF 26 400 000 100% Charles Vögele Trading AG Freienbach SZ, CH Central services CHF 10 000 000 100 % Charles Vögele Store Management AG Freienbach SZ, CH Central services (dormant) CHF 250 000 100% Cosmos Mode AG Freienbach SZ, CH Central services CHF 100 000 100% Mac Fash GmbH Freienbach SZ, CH Central services (dormant) CHF 20 000 100% Charles Vögele Import GmbH Lehrte, DE Central services EUR 25 000 100% Charles Voegele Fashion (HK) Ltd. Hong Kong, HK Central services HKD 100 000 100% Charles Vögele Mode AG Freienbach SZ, CH Sales organization CHF 20 000 000 100% Charles Vögele Deutschland GmbH Sigmaringen, DE Sales organization EUR 15 340 000 100% Charles Vögele (Netherlands) B.V. Utrecht, NL Sales organization EUR 1 000 200 100% Charles Vögele (Belgium) N.V. Erembodegem, BE Sales organization EUR 10 063 906 100% Charles Vögele (Austria) GmbH Kalsdorf, AT Sales organization EUR 1 453 457 100% Charles Voegele trgovina s tekstilom d.o.o. Ljubljana, Sl Sales organization EUR 667 668 100% Charles Voegele Polska Sp. z o.o. Warsaw, PL Sales organization PLN 4 000 000 100% Charles Vögele Hungária Kereskedelmi Kft. Budapest, HU Sales organization HUF 240 000 000 100% Charles Voegele Ceska s.r.o. Prague, CZ Sales organization CZK 30 000 000 Changes in the scope of consolidation, see Note 2.4. 57
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annual report 2011
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Group KeY FiGures Five-Year overvie
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4 6 11 13 14 15 17 18 19 31 43 cont
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“The annual results for 2011 mark
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“Our core target groups are women
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Outlook: return to profitable growt
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Filippo, 44 Charles Vögele Store S
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annual revieW The country merchandi
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sWitZerlanD region A difficult envi
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Jakub, 48 Charles Vögele Store Wol
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BeneluX region Lack of confidence i
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Dorota, 48 Charles Vögele Store Wo
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1 CuStomer reSponSibility anD proDu
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Value-Added Statement menting the
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3 our employeeS Our employees’ kn
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Climate friendly operations - We ar
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Environmental criteria in the suppl
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News Stores worldwide By the end of
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The spring collection “California
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Til Schweiger behind the scenes Sin
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CharleS Vögele By NumBerS 7 300 em
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Sarah Connor
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CORpORATE Charles Vögele Group is
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1 GroUp StrUCtUre anD SHareHoLDerS
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2.6 restrictions on transferability
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Hans Ziegler Chairman of the Board
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- Nomination and Compensation Commi
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3.6 Information from and control ov
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4 GroUp ManaGeMent Group Management
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The share option plan in place for
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7.5 entry in the share register The
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Financial RepoRt
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Financial coMMentaRY 2011 was a tur
Page 69 and 70: Financial expenses and taxes Financ
Page 71 and 72: At 31 December CONSOLIDATED bALANCE
Page 73 and 74: CHF 1000 Note From 1 January to 31
Page 75 and 76: 2.3 Basis of consolidation The cons
Page 77 and 78: 2.7 Net sales and revenue recogniti
Page 79 and 80: The amounts shown under shareholder
Page 81 and 82: 2.17 Impairment of assets All capit
Page 83 and 84: 2.23 Treasury shares The costs of t
Page 85 and 86: CHF 1000 EUR / CHF USD / CHF 2011 i
Page 87 and 88: CHF 1000 < 1 year 1 - 5 years > 5 y
Page 89 and 90: 4 Critical accounting estimates and
Page 91 and 92: 5 Segment information Switzerland G
Page 93 and 94: The pension liabilities and plan as
Page 95 and 96: The pension liability of the German
Page 97 and 98: 15 Income tax 15.1 Composition of i
Page 99 and 100: 15.5 Tax-relevant loss carry-forwar
Page 101 and 102: Other receivables are not related t
Page 103 and 104: 20.2 Finance leases The carrying am
Page 105 and 106: 22.2 Impairment test on goodwill CH
Page 107 and 108: 24 Short-term financial liabilities
Page 109 and 110: CHF 1000 28 Mortgages Balance at 1
Page 111 and 112: 32 Treasury shares As of 31 Decembe
Page 113 and 114: Tranche The weighted average remain
Page 115 and 116: Movement in valuation differences n
Page 117 and 118: 2011 CHF 1000 Details of total paym
Page 119: Balance, at 31 December 2011 Disclo
Page 123: Opinion In our opinion, the consoli
Page 126 and 127: From 1 January to 31 December INCOM
Page 128 and 129: NOtES tO thE FINaNCIal StatEMENtS 1
Page 130 and 131: Shareholders 66 Share of capital as
Page 132 and 133: Report of the statutory auditors to
Page 134 and 135: Share performance Price performance
Page 136: Charles Vögele makes fashion.
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