report

CHF 1000 < 1 year 1 – 5 years > 5 years Total
Short – term loans (see Note 24) 597 – – 597
Trade payables 40 725 – – 40 725
Other liabilities and accruals (excl. vouchers) 49 978 – – 49 978
Finance lease liabilities, gross 3 037 12 634 9 527 25 198
Mortgages (see Note 28) 38 822 47 460 – 86 282
Long – term loans – – – –
Total at 31 December 2010 133 159 60 094 9 527 202 780
The following future cash outflows are expected from the forward currency contracts
outstanding at the balance sheet date:
CHF 1000 < 1 year 1 – 5 years > 5 years Total
Balance at 31 December 2011
Derivative for cash flow hedges:
– Cash outflow (contract value) 92 153 – – 92 153
– Cash inflow (fair value)
Derivative for trading purposes:
8 636 – – 8 636
– Cash outflow (contract value) (98 511) – – (98 511)
– Cash inflow (fair value) 92 – – 92
CHF 1000
Balance at 31 December 2010
Derivative for cash flow hedges:
< 1 year 1 – 5 years > 5 years Total
– Cash outflow (contract value) (5 229) – – (5 229)
– Cash inflow (fair value)
Derivative for trading purposes:
1 837 – – 1 837
– Cash outflow (contract value) – – – –
– Cash inflow (fair value) – – – –
3.5 Capital risks
The primary aim of capital management is to ensure that Charles Vögele Group can
continue to operate sustainably and so meet the needs of its various stakeholders
over the long term. The Company’s capital structure takes appropriate account of
the business risks inherent in the Group’s business model.
In order to achieve these objectives, Charles Vögele Group can adjust its dividend
payments, capital refunds to shareholders, issue new shares, take out loans with
financial institutions, pay such loans back ahead of schedule, place financing on the
capital market or sell assets in order to reduce debts.
23
Financial Commentary | Income Statement and Balance Sheet | Cash Flow and Changes in Equity | Notes | Statutory Auditors