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Report of the statutory auditors to the general meeting of Charles Vögele Holding AG, Freienbach SZ > Report of the statutory auditors on the consolidated financial statements As statutory auditor, we have audited the consolidated financial statements of Charles Vögele Holding AG, which comprise the income statement, statement of comprehensive income, balance sheet, cash flow statement and statement of changes in equity and notes (pages 6 to 57), for the year ended 31 December 2011. > Board of Directors’ Responsibility The Board of Directors is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS) and the requirements of Swiss law. This responsibility includes designing, implementing and maintaining an internal control system relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. The Board of Directors is further responsible for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances. > Auditor’s Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Swiss law and Swiss Auditing Standards as well as the International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control system relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control system. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 58
Opinion In our opinion, the consolidated financial statements for the year ended 31 December 2011 give a true and fair view of the financial position, the results of operations and the cash flows in accordance with the International Financial Reporting Standards (IFRS) and comply with Swiss law. > Report on other legal requirements We confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) and independence (article 728 CO and article 11 AOA) and that there are no circumstances incompatible with our independence. In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an internal control system exists which has been designed for the preparation of consolidated financial statements according to the instructions of the Board of Directors. We recommend that the consolidated financial statements submitted to you be approved. PricewaterhouseCoopers Ltd Sandra Böhm Uglow Thomas Bihrer Auditor expert Auditor expert Auditor in charge Zurich, 5 March 2012 59 Financial Commentary | Income Statement and Balance Sheet | Cash Flow and Changes in Equity | Notes | Statutory auditorS
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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
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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 and 120: Balance, at 31 December 2011 Disclo
Page 121: 41 Structure of the Charles Vögele
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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