report

Notes to the CoNsolidated FiNaNCial statemeNts
1 General information
Charles Vögele Holding AG, together with its subsidiary companies, forms the
Charles Vögele Group, an independent European fashion retail group with sales
outlets in Switzerland, Liechtenstein, Germany, the Netherlands, Belgium, Austria,
Slovenia, Poland, Hungary and the Czech Republic.
Charles Vögele Holding AG is a corporation that is domiciled in Freienbach SZ,
Switzerland, and listed on the SIX Swiss Exchange.
2 Summary of significant accounting policies
2.1 Preparation of the financial statements
The consolidated financial statements in this report are based on the individual
financial statements of Charles Vögele Group companies, which are all prepared in
accordance with standard Group guidelines. The Group’s accounts have been
prepared in accordance with the International Financial Reporting Standards (IFRS)
on the basis of historical cost convention, except derivative financial instruments
which are recorded at fair value. Note 4 explains the most important accounting
assumptions and estimates.
2.2 Changes in accounting policies
> New IFRS standards and interpretations
The following new IFRS standards, changes to existing standards and interpretations
of existing standards, valid since 1 January 2011, have been applied but do not have
a material effect on these annual financial statements:
– IFRS 1: First-time adoption of International Financial Reporting Standard
(amendment)
– IAS 24: Related party disclosures (amendment)
– IAS 32: Financial instruments: recognition and measurement (amendment)
– IFRIC 14: IAS 19 – The limit on a defined benefit asset, minimum funding
requirements and their interaction (amendment)
– IFRIC 19: Extinguishing financial liabilities with equity instruments (new)
– Improvement programme 2010 (various minor adjustments of existing standards)
The Group refrained from any permitted early adoption of new standards.
> Changes to IFRS standards valid for future reporting periods
The Charles Vögele Group has assessed the potential impact of new standards
and interpretations which have to be applied from financial year 2012 on or later.
The Group concluded that with the exception of IFRS 9 Financial Instruments –
“Classification and Measurement,” and IAS 19 “Employee benefits” (amendment)
none of the standards or interpretations which have been published by the time
of the release of these financial statements will have a significant effect on the Group’s
result and financial position. IFRS 9 needs to be adopted by 1 January 2015 and will
change the classification and measurement of financial instruments and hedging
requirements. IAS 19 (amendment) needs to be adopted by 1 January 2013. The
discontinuation of the corridor method might have the most significant impact on
the consolidated financial statements. The Charles Vögele Group is evaluating the
impact of this new standards on the consolidated financial statements.
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