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Group KeY FiGures Five-Year overview CHF million 2011 2010 Change Gross sales 1 207 1 416 (14.8 %) Change adjusted for currency in % (7.9 %) (3.0 %) Change adjusted for expansion and currency in % (7.2 %) (2.5 %) Net sales 1 016 1 198 (15.2 %) Operating earnings before depreciation and impairment (EBITDA) (21) 110 Operating earnings (EBIT) (114) 38 Net profit of the year (119) 18 Net cash flow from operating activities (108) 88 Net cash provided/(used) by investing activities (49) (46) 7.1 % Free cash flow (157) 42 2011 2010 Change Number of stores at year-end 817 826 (1.1 %) Sales area at year-end in m2 640 703 647 752 (1.1 %) Net sales per average sales area in CHF 1 586 1 812 (12.5 %) Number of employees at year-end 1) 7 279 7 345 (0.9 %) Average number of full-time employees on an annual basis 1) 4 690 4 861 (3.5 %) Net sales per average number of full-time employees in CHF1) 216 679 246 498 (12.1 %) Number of clothing articles sold in 1000 56 498 63 306 (10.8 %) Average net sales per article in CHF Share of turnover in %: 18.0 18.9 (5.0 %) – Women’s wear 58 % 59 % – Men’s wear 34 % 32 % – Children’s wear 8 % 9 % CHF million 31.12.2011 31.12.2010 Net cash/(net debt) (134) 26 Shareholders’ equity 356 473 Balance sheet total 742 756 Shareholders’ equity in % of balance sheet total 48 % 62 % 1) Excluding apprentices Group Key figures
Net sales fell in 2011 by 15 % to CHF 1 016 million (previous year: CHF 1 198 million). In local currency terms the decline was 9 %, or 8 % after adjusting for currency movements and floorspace changes (likeforlike). The consolidated loss including goodwill impairments came to CHF 119 million (previous year CHF + 18 million). DECLINE IN GROSS PROFIT MARGIN Rising procurement costs in Asia, especially in the second half of the year, led to an appreciable reduction in the gross profit margin to 62 %. The weakness of the euro against the US dollar (the key procurement currency) placed a further strain on margins. RIGOROuS COST MANAGEMEMENT Helped by the weaker euro and a rigorous cost management the operating expenses of CHF 646 million (previous year CHF 691 million) remain on a low level. Key Financials The challenging market environment, the weak euro and the warm autumn exacerbated internal problems with product design and goods supply. REDuCED FINANCIAL EXPENSES AND LOWER TAXES Thanks to lower interest rates and positive cash and cash equivalents in the first half of the year, financial expenses went down again to CHF 4 million. The group tax bill fell to just under CHF 1 million. GOODWILL IMPAIRMENT The decline in sales and the fall in value of the euro against the Swiss franc required a goodwill impairment in Germany and Austria of CHF 36 million. EQuITY RATIO MAINTAINED AT A COMFORTABLE LEVEL Despite the negative net result and reduced goodwill position, the equity ratio stood at 48 %. FINANCING SECuRED Charles Vögele’s finances have been secured till mid 2015 thanks to a CHF 255 million credit facility arranged with a broad consortium of banks at the start of 2012.
Page 1: annual report 2011
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 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
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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
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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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