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11 Depreciation and impairment CHF 1000 2011 2010 Depreciation Impairment losses mainly for warehouse fixtures and fittings and planned store closings 54 356 64 367 (see Notes 20.1/22.1) 2 000 7 530 Impairment loss on goodwill (see Notes 22.1/22.2) 36 191 – Total 92 547 71 897 12 Financial income CHF 1000 2011 2010 Interest income 713 719 Interest income from securities 4 4 Total 717 723 13 Financial expenses CHF 1000 2011 2010 Interest expenses on current accounts and loans 549 526 Interest charges on mortgages 2 461 3 150 Interest on leases 1 173 1 530 Impairment of financial assets – – Total 4 183 5 206 14 Foreign exchange differences CHF 1000 2011 2010 (Expense)/income from foreign exchange contracts (193) 73 Other exchange gains/(losses) (1 143) (4 235) Total (expense)/income from exchange gains/(losses) (1 336) (4 162) 32
15 Income tax 15.1 Composition of income tax expense CHF 1000 2011 2010 Current income taxes 1 436 13 535 Change in deferred income taxes 279 (1 635) Income tax from previous years (1 059) (680) Total income tax expense 656 11 220 15.2 Analysis of tax expense CHF 1000 2011 2010 Profit before income taxes (118 490) 28 991 Taxes on current profit calculated on the expected group tax rate of 18 % (2010: 20 %) Reconciliation: (21 328) 5 798 – Effect of profits and losses with different tax rates (9 988) (3 323) – Effect of non – taxable amortisation of goodwill 6 514 – – Adjustments of deferred taxes from previous years 99 (1 982) – Effect of deferred tax assets not capitalized 26 245 11 206 – Effect of other non – taxable transactions 173 201 – Taxes payable (refunds) from previous years (1 059) (680) Total tax expense 656 11 220 The above table shows the transition from expected tax expense to reported tax expense. The expected Group tax rate is calculated from a normalized expected profit structure for all Group companies. The pronounced difference in the year under review between reported and expected tax expense is due primarily to the non-capitalization of deferred tax assets of CHF 26.2 million from Group companies posting losses (see Note 15.5). The reported tax expense results mainly from profit making subsidiaries. 33 Financial Commentary | Income Statement and Balance Sheet | Cash Flow and Changes in Equity | Notes | Statutory Auditors
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annual report 2011
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Group KeY FiGures Five-Year overvie
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4 6 11 13 14 15 17 18 19 31 43 cont
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“The annual results for 2011 mark
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“Our core target groups are women
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Outlook: return to profitable growt
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Filippo, 44 Charles Vögele Store S
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annual revieW The country merchandi
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sWitZerlanD region A difficult envi
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Jakub, 48 Charles Vögele Store Wol
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BeneluX region Lack of confidence i
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Dorota, 48 Charles Vögele Store Wo
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1 CuStomer reSponSibility anD proDu
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Value-Added Statement menting the
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3 our employeeS Our employees’ kn
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Climate friendly operations - We ar
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Environmental criteria in the suppl
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News Stores worldwide By the end of
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The spring collection “California
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Til Schweiger behind the scenes Sin
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CharleS Vögele By NumBerS 7 300 em
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Sarah Connor
Page 47 and 48: CORpORATE Charles Vögele Group is
Page 49 and 50: 1 GroUp StrUCtUre anD SHareHoLDerS
Page 51 and 52: 2.6 restrictions on transferability
Page 53 and 54: Hans Ziegler Chairman of the Board
Page 55 and 56: - Nomination and Compensation Commi
Page 57 and 58: 3.6 Information from and control ov
Page 59 and 60: 4 GroUp ManaGeMent Group Management
Page 61 and 62: The share option plan in place for
Page 63 and 64: 7.5 entry in the share register The
Page 65 and 66: Financial RepoRt
Page 67 and 68: Financial coMMentaRY 2011 was a tur
Page 69 and 70: Financial expenses and taxes Financ
Page 71 and 72: At 31 December CONSOLIDATED bALANCE
Page 73 and 74: CHF 1000 Note From 1 January to 31
Page 75 and 76: 2.3 Basis of consolidation The cons
Page 77 and 78: 2.7 Net sales and revenue recogniti
Page 79 and 80: The amounts shown under shareholder
Page 81 and 82: 2.17 Impairment of assets All capit
Page 83 and 84: 2.23 Treasury shares The costs of t
Page 85 and 86: CHF 1000 EUR / CHF USD / CHF 2011 i
Page 87 and 88: CHF 1000 < 1 year 1 - 5 years > 5 y
Page 89 and 90: 4 Critical accounting estimates and
Page 91 and 92: 5 Segment information Switzerland G
Page 93 and 94: The pension liabilities and plan as
Page 95: The pension liability of the German
Page 99 and 100: 15.5 Tax-relevant loss carry-forwar
Page 101 and 102: Other receivables are not related t
Page 103 and 104: 20.2 Finance leases The carrying am
Page 105 and 106: 22.2 Impairment test on goodwill CH
Page 107 and 108: 24 Short-term financial liabilities
Page 109 and 110: CHF 1000 28 Mortgages Balance at 1
Page 111 and 112: 32 Treasury shares As of 31 Decembe
Page 113 and 114: Tranche The weighted average remain
Page 115 and 116: Movement in valuation differences n
Page 117 and 118: 2011 CHF 1000 Details of total paym
Page 119 and 120: Balance, at 31 December 2011 Disclo
Page 121 and 122: 41 Structure of the Charles Vögele
Page 123: Opinion In our opinion, the consoli
Page 126 and 127: From 1 January to 31 December INCOM
Page 128 and 129: NOtES tO thE FINaNCIal StatEMENtS 1
Page 130 and 131: Shareholders 66 Share of capital as
Page 132 and 133: Report of the statutory auditors to
Page 134 and 135: Share performance Price performance
Page 136: Charles Vögele makes fashion.
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