report

content
Financial commentary 3
Consolidated income statement 6
Consolidated statement of comprehensive income 6
Consolidated balance sheet 7
Consolidated statement of cash flows 8
Consolidated statement of changes in equity 9
Notes to the consolidated financial statements 10
1 General information 10
2 Summary of significant accounting policies 10
3 Financial risk management 20
4 Critical accounting estimates and assumptions 25
5 Segment information 27
6 Personnel expenses 28
7 Rental expenses 31
8 Advertising and promotion expenses 31
9 General operating expenses 31
10 Other operating income 31
11 Depreciation and impairment 32
12 Financial income 32
13 Financial expenses 32
14 Foreign exchange differences 32
15 Income tax 33
16 Earnings per share 35
17 Cash and cash equivalents 35
18 Receivables, advance payments and prepaid expenses 36
19 Inventories 37
20 Property, plant and equipment 38
21 Financial assets 39
22 Intangible assets 40
23 Financial instruments by category (assets) 42
24 Short-term financial liabilities 43
25 Other liabilities and accruals 43
26 Finance lease liabilities 43
27 Provisions 44
28 Mortgages 45
29 Loans 45
30 Financial instruments by category (liabilities) 46
31 Share capital 46
32 Treasury shares 47
33 Distribution to shareholders 47
34 Incentive and share ownership plans 47
35 Contingent liabilities 50
36 Forward foreign exchange contracts 50
37 Rental commitments 51
38 Related party transactions 52
39 Risk assessment according to the Swiss Code of Obligations 56
40 Post balance sheet events 56
41 Structure of the Charles Vögele Group 57
Report of the statutory auditors 58
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