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BeneluX region Lack of confidence in the economy inhibits consumer sentiment. Slow business results in weak sales, especially in the autumn. Owing to the difficult economic environment and declining private spending on consumption, the clothing market in the Netherlands shrunk by 7 % in 2011. Meanwhile, the market in Belgium increased by 1 % thanks to a strong spring and summer season. Business performance: slow autumn Gross sales in the Benelux region shrank by 11.7 % after adjusting for currency movements, or by 8.4 % after adjusting for exchange rates and floorspace (likeforlike). This was due in particular to the sluggish mood on the market – with weak sales especially in September and November – and to the contrast with the high prior year figures, which were boosted by the selloff of old stock. Branch portfolio: expansion of new shop design In 2011 Charles Vögele opened one new branch in the Benelux region. Eight shops were closed. In addition, the company refurbished another seven outlets in line with the new store design concept. By the end of 2011, a total of 47 shops were fitted out in the new design. The total number of stores in the Benelux region at the end of 2011 was 154 (previous year 161). Employee numbers: slight decline In 2011, Charles Vögele employed an average of 647 employees in the Benelux region on a fulltime basis (previous year 669). The reduction is due to continued optimization of the branch network. 18 11 Gross sales in CHF million Net sales in CHF million 141 117 10 179 149 09 204 170 08 216 180 07 221 184 0 750 11 10 09 08 07 Branches 0 400 *without apprentices 154 161 166 161 160 11 Employees* Full-time equivalents* 946 647 10 981 669 09 681 1025 08 687 1067 07 704 1074 0 3500
corporate social responsiBility Charles Vögele aims to bring social responsibility, environmental awareness and financial success together.
Page 1: annual report 2011
Page 4 and 5: Group KeY FiGures Five-Year overvie
Page 6 and 7: 4 6 11 13 14 15 17 18 19 31 43 cont
Page 8 and 9: “The annual results for 2011 mark
Page 10 and 11: “Our core target groups are women
Page 12 and 13: Outlook: return to profitable growt
Page 14 and 15: Filippo, 44 Charles Vögele Store S
Page 16 and 17: annual revieW The country merchandi
Page 18 and 19: sWitZerlanD region A difficult envi
Page 20 and 21: Jakub, 48 Charles Vögele Store Wol
Page 24 and 25: Dorota, 48 Charles Vögele Store Wo
Page 26 and 27: 1 CuStomer reSponSibility anD proDu
Page 28 and 29: Value-Added Statement menting the
Page 30 and 31: 3 our employeeS Our employees’ kn
Page 32 and 33: Climate friendly operations - We ar
Page 34 and 35: Environmental criteria in the suppl
Page 36 and 37: News Stores worldwide By the end of
Page 38 and 39: The spring collection “California
Page 40 and 41: Til Schweiger behind the scenes Sin
Page 42 and 43: CharleS Vögele By NumBerS 7 300 em
Page 44 and 45: Sarah Connor
Page 47 and 48: CORpORATE Charles Vögele Group is
Page 49 and 50: 1 GroUp StrUCtUre anD SHareHoLDerS
Page 51 and 52: 2.6 restrictions on transferability
Page 53 and 54: Hans Ziegler Chairman of the Board
Page 55 and 56: - Nomination and Compensation Commi
Page 57 and 58: 3.6 Information from and control ov
Page 59 and 60: 4 GroUp ManaGeMent Group Management
Page 61 and 62: The share option plan in place for
Page 63 and 64: 7.5 entry in the share register The
Page 65 and 66: Financial RepoRt
Page 67 and 68: Financial coMMentaRY 2011 was a tur
Page 69 and 70: Financial expenses and taxes Financ
Page 71 and 72: 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
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2.7 Net sales and revenue recogniti
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The amounts shown under shareholder
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2.17 Impairment of assets All capit
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2.23 Treasury shares The costs of t
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CHF 1000 EUR / CHF USD / CHF 2011 i
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CHF 1000 < 1 year 1 - 5 years > 5 y
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4 Critical accounting estimates and
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5 Segment information Switzerland G
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The pension liabilities and plan as
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The pension liability of the German
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15 Income tax 15.1 Composition of i
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15.5 Tax-relevant loss carry-forwar
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Other receivables are not related t
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20.2 Finance leases The carrying am
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22.2 Impairment test on goodwill CH
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24 Short-term financial liabilities
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CHF 1000 28 Mortgages Balance at 1
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32 Treasury shares As of 31 Decembe
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Tranche The weighted average remain
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Movement in valuation differences n
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2011 CHF 1000 Details of total paym
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Balance, at 31 December 2011 Disclo
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41 Structure of the Charles Vögele
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Opinion In our opinion, the consoli
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From 1 January to 31 December INCOM
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NOtES tO thE FINaNCIal StatEMENtS 1
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Shareholders 66 Share of capital as
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Report of the statutory auditors to
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Share performance Price performance
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Charles Vögele makes fashion.
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