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NOtES tO thE FINaNCIal StatEMENtS 1 Basis for the financial statements Charles Vögele Holding AG is based in Pfaeffikon, municipality of Freienbach, in the Canton of Schwyz, Switzerland, and its purpose is the holding and administration of investments of the Charles Vögele Group. The financial statements are presented in accordance with Swiss law. The integration of the financial statements of Charles Vögele Holding AG into the consolidated financial statements of the Charles Vögele Group has been made in accordance with the accounting principles explained in the Notes to the consolidated financial statements. 2 Financial income and expenses The financial income arises largely from the interest income from cash pooling and from interest on loans granted to subsidiary companies. These are counterbalanced by financial expenses in the form of interest on cash pooling and on interest on accounts payable to subsidiary companies. 3 Impairment of loans to subsidiaries Impairments of loans to Group companies concern value adjustments on Group loans to the subsidiary in Poland. For the group loan of the Charles Vögele Deutschland GmbH, interest has to be paid since 1 January 2011. 4 Cash and cash equivalents This position includes sight deposits at banks. 5 Receivables from and liabilities to subsidiaries Current asset receivables and shortterm payables due from and to Group companies are resulting mainly from the Group’s cash pooling system. Loans to Group companies serve to finance various subsidiaries and are value adjusted if necessary (see Note 3). 6 Investments The complete structure of the Charles Vögele Group’s longterm investments is documented in Note 41 of the Notes to the consolidated financial statements. 7 Equity The reduction in the share capital is due to the Annual Shareholders’ Meeting’s decision on 13 April 2011, to reduce the par value of Charles Vögele Holding AG shares by CHF 0.50 per share, from CHF 3.50 to CHF 3.00. The remaining share capital comprises 8 800 000 fully paidin bearer shares with a par value of CHF 3.00 each. The CHF 173.8 million disclosed as other legal reserves include CHF 2.9 million capital contributions not accepted by the SFTA (Swiss Federal Tax Administration). The explanations about the statutory designated conditional and authorized capital increases can be found in the notes to the consolidated financial statements (see Note 31). 64
8 Movement in treasury shares 65 Price in CHF Number of shares 1) Treasury shares at 1 January 2010 434 907 Disposal of treasury shares Q1 2010 – – Purchase of treasury shares – – Disposal of treasury shares Q2 2010 49.98 – 53.07 (2 525) Purchase of treasury shares – – Disposal of treasury shares Q3 2010 – – Purchase of treasury shares – – Disposal of treasury shares Q4 2010 – – Purchase of treasury shares 49.70 3 761 Treasury shares at 31 December 2010 436 143 Disposal of treasury shares Q1 2011 54.75 – 55.60 (854) Purchase of treasury shares 56.13 – 56.39 2 000 Disposal of treasury shares Q2 2011 62.90 – 68.15 (255) Purchase of treasury shares – – Disposal of treasury shares Q3 2011 26.90 – 46.25 (34 441) Purchase of treasury shares 26.94 – 39.99 33 184 Disposal of treasury shares Q4 2011 19.59 – 27.89 (50 368) Purchase of treasury shares 19.54 – 20.50 10 000 Treasury shares at 31 December 2011 395 409 1) All of the transactions were executed by Charles Vögele Trading AG For the holdings of treasury shares in the Charles Vögele Group as of 31 December 2011, a reserve was formed in Charles Vögele Holding AG to the amount of the purchase value of CHF 23.5 million (31 December 2010: CHF 30.3 million). 9 Major shareholders All of the company’s shares are bearer shares. Consequently, the company maintains no share register. The following is based on information supplied to the company under stock exchange regulations and other information available to the company. http://www.sixexchangeregulation.com/publications/published_ notifications/major_shareholders_en.html Income Statement and Balance Sheet | noteS | Earnings | Statutory Auditors | Financial Calendar/Contacts
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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
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At 31 December CONSOLIDATED bALANCE
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CHF 1000 Note From 1 January to 31
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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 and 122: 41 Structure of the Charles Vögele
Page 123: Opinion In our opinion, the consoli
Page 126 and 127: From 1 January to 31 December INCOM
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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