report

2.3 Basis of consolidation
The consolidated financial statements comprise the financial statements of Charles
Vögele Holding AG and its Swiss and international Group companies.
The Capital consolidation is performed using the purchase method in accordance
with the new valuation method, meaning that the acquisition cost of investments due
for consolidation is set off against their proportionate operating equity capital at the
time of acquisition.
Assets and liabilities as well as the expenses and income of the companies which
Charles Vögele Holding AG controls directly or indirectly, and in which it has a
voting interest exceeding 50 %, are included in full in the consolidated financial statements.
The non controlling interest of shareholders in net assets and net income
is disclosed separately in the consolidated balance sheet and income statement.
The Charles Vögele Group does not have any non-controlling interests.
The Charles Vögele Group does not have any associated companies (non controlling
interest with voting rights of 20 – 50 %).
Intercompany receivables and payables, income and expenses between companies
included in the consolidation, and intercompany profits within the Group are eliminated.
The companies included in the scope of consolidation are listed in Note 41.
2.4 Scope of consolidation
There were no changes in the scope of consolidation in the 2011 financial year.
In the course of the centralization in 2010, Prodress AG was merged into the Charles
Vögele Trading AG. Furthermore the 2008 founded Charles Vögele Romania SRL
was liquidated due to a modified expansion strategy.
2.5 Segment reporting
The Charles Vögele Group is a centrally managed group with a flat organizational
structure operating solely in the fashion trade. The centralization and scalability of
the concept are fundamental cornerstones of the Group’s strategy.
Segment reporting matches the internal reporting to the Board of Directors and
Group Management (CODM), it covers the four segments Switzerland, Germany,
Benelux and CEE (Austria, Slovenia, Poland, Hungary, Czech Republic).
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Financial Commentary | Income Statement and Balance Sheet | Cash Flow and Changes in Equity | Notes | Statutory Auditors