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1 CuStomer reSponSibility anD proDuCt Quality Security and health are top priorities for Charles Vögele. The Company is doing all it can to ensure that the dyes, additives, fibres and stitching it uses in products cannot cause skin irritation or other undesirable health issues. Charles Vögele requires all its suppliers to follow strict guidelines with regard to their manufacturing methods, the additives they use and their compliance with local environmental protection rules. Charles Vögele also avoids using sand-blasting techniques on its denim products and does not sell items containing animal fur. The norms laid down by the European Union for children’s clothes are, of course, respected and followed. All items go through inline and final inspections in the country of manufacture, as well as a strict incoming goods inspection when they reach Germany, Austria or Switzerland. Charles Vögele regularly carries out spot tests and has the selected items analyzed by external, independent laboratories to ensure that all regulations are adhered to and that products are always safe for customers. breakdown of goods manufacture by country aSia/europe Split aSia 89.4 % CORpORATE SOCiAl RESpOnSibiliTy 22 2 Supplier manaGement Charles Vögele Group sources all of its clothes from external suppliers. Most items are commissioned directly from manufacturers in Asia and Europe, and then sold under Charles Vögele’s own brand. This presents the Company with particular challenges. Charles Vögele works hard to ensure that every product, no matter where it is produced, meets high standards with regard to quality, ethics and environmental impact. It gives particular priority to compliance with social and ethical principles in its work with suppliers. producer countries Goods are manufactured within the parameters of Charles Vögele’s vertically organized global procurement strategy. While collection design, purchasing and logistics are all centralized at our head office in Pfaeffikon (Switzerland), our complex procurement structures extend all over the world. Around 90 % of goods come from Asian countries. Consequently we have set up our own procurement offices in Hong Kong, China, Bangladesh and India. These offices function as local interfaces with Asian producers, and their jobs include creating transparency about our suppliers and 2011 2010 China Bangladesh India Pakistan Indonesia Other countries in Asia aS % of total 37.60 % 36.17 % 8.55 % 1.51 % 1.74 % 3.78 % aSia/europe Split 88 % europe 10.6 % European countries 10.6 % 12 % China Bangladesh India Pakistan Indonesia Other countries in Asia aS % of total 45 % 25 % 9 % 2 % 2 % 5 % European countries 12 % total 100 % total 100 %
their production structures, as well as improving procurement processes. The following table provides details of where Charles Vögele’s products originate from: member of bSCi and Sai Charles Vögele Group has been a member of the non-governmental organization (NGO) Social Accountability International (SAI) since 2001. SAI promotes better social and working conditions within transnational companies. In 2004 Charles Vögele became one of the founding members of the Business Social Compliance Initiative (BSCI) in an effort to intensify work on improving compliance with social and environmental guidelines (e.g. on freedom of assembly, non-discrimination, wages, working hours) in the global supply chain. The standard BSCI Code of Conduct is now a fixed component of all Charles Vögele supplier contracts. This Code is based on numerous agreements, including the conventions of the International Labour Organization (ILO), the UN Global Compact and OECD guidelines. bSCi process BSCI social requirements (compulsory) BSCI social requirements (compulsory) Suppliers audit firms bSCi Code of Conduct 23 the bSCi process and Charles Vögele As a member of the BSCI, Charles Vögele is committed to implementing the BSCI system, regularly arranging audits of its own suppliers, and encouraging improvements in their performance. For all of Charles Vögele Group’s suppliers, the BSCI Code of Conduct and compliance with BSCI standards are prerequisites for a working relationship. Before the audit process and self-certification begin, the suppliers and in particular the employees at production facilities are supported with specific training, which the BSCI regularly carries out locally in local languages. In addition, staff at our local procurement offices are asked to give suppliers help and advice to support their efforts to implement the standards. All our suppliers are audited according to BSCI standards by independent SAI-certified companies. To help suppliers implement the BSCI Code of Conduct, Charles Vögele pays the costs of the initial audit. If suppliers fail to meet the BSCI standards in the first audit, the auditors work with the suppliers to define corrective measures. Charles Vögele also helps suppliers as much as possible with imple- Communication and sensitization Start pHaSe Self-certification Initial audit (external, every three years) auDit pHaSe Corrective measures plan (max. 12 months) Correction phase Re-audit (extern) Best practice (voluntary) Best practice (voluntary) QualifiCationS pHaSe re-auDitinG pHaSe Financial Report | Corporate Governance | The World of Fashion | Corporate SoCial reSponSibility | Overview of Regions | Annual Review | CEO 's Report | Chairman's Message
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 22 and 23: BeneluX region Lack of confidence i
Page 24 and 25: Dorota, 48 Charles Vögele Store Wo
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
Page 73 and 74: CHF 1000 Note From 1 January to 31
Page 75 and 76: 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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