report

Risks can arise from cash at the stores and in transporting these cash takings to
the financial institutions. Cash holdings (takings, change) in the stores are kept in
safes and kept to a minimum through regular or as-needed transfers of the cash
takings. The risk of theft by own personnel or third-parties is reduced by an effective
internal control system. Cash holdings in the safes are insured to an appropriate
level against theft and acts of God, and are replaced if lost. When choosing firms to
transport money and valuables, Charles Vögele Group’s selection criteria are based
on quality, transparency, security and comprehensive insurance protection.
Receivables from tax refunds (value added tax) are secured by regularly verifying
that declarations are formally correct and by submitting the necessary declarations
on time. Prepayments to suppliers and other claims are checked regularly and any
identified credit risk is taken into account through a value adjustment (see Note 2.11).
3.4 Liquidity risks
Subject to seasonal fluctuations in monthly revenues and the financing of goods
purchases, cash flow varies greatly across the financial year. A continuously
up-dated liquidity plan is in place to manage these liquidity risks. This plan is based
on the annual budgeted figures for sales, costs and investments.
On the balance sheet date, Charles Vögele Group had the following liquidity reserves:
CHF 1000 31.12.2011 31.12.2010
Net cash and cash equivalents at the end of the period 109 553 129 529
Syndicated credit line agreement 250 000 250 000
./. Credit lines used (130 000) –
Additional credit lines 6 080 6 256
./. Credit lines used – –
Total cash reserves and unused credit lines 235 633 385 785
The following future cash outflows (including interest) are expected from the
financial liabilities shown at the balance sheet date:
CHF 1000 < 1 year 1 – 5 years > 5 years Total
Short – term loans (see Note 24) 130 143 – – 130 143
Trade payables 37 473 – – 37 473
Other liabilities and accruals (excl. vouchers) 41 008 – – 41 008
Finance lease liabilities, gross 2 971 11 381 6 715 21 067
Mortgages (see Note 28) 95 820 – – 95 820
Long – term loans – – – –
Total at 31 December 2011 307 415 11 381 6 715 325 511
22