Annual REPORT

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The overall market for outerwear in Switzerland shrank by 2.3% during the 2009 financial year. As leading clothing retailers continued to expand and consumers became very cautious in their behav- iour, competitive pressure intensified. Good value for money became the crucial purchasing criterion for many people. Charles Vögele Group benefited from this trend owing to its positioning in the midprice segment. Expansion strategy for the Switzerland Region The Switzerland Region has good market penetration in its home market. Its main priority at the moment is to optimise its locations and add new ones in specific areas. The Switzerland Region generated gross sales of CHF 473 million, compared with CHF 478 million in 2008. Developing the store portfolio In 2009, four new stores were opened in Switzerland and one store was moved to a better location. The store portfolio increased from 165 to 169. The branches in Weinfelden (retail park) and Lancy (shopping centre) are pilots for the new store design concept. Lessons learned from these stores will be taken into account in the design of the new flagship store in Zurich. switZeRlanD RegiOn 169 14 09 08 07 06 05 09 08 07 06 05 09 08 07 06 05 Gross sales in CHF million Net sales in CHF million 473 428 478 436 489 452 488 451 515 477 0 150 300 450 600 750 Branches 169 165 163 161 159 0 40 80 120 160 200 Employees Full-time equivalents 1155 1263 1283 1286 1298 1790 1932 2093 2073 2077 0 500 1 000 1 500 2 000 2 500
Germany’s economic downturn was at its worst during the six months of winter 2008/2009. The economy shrank for the first time in six years – by 5%. The overall market for outerwear stagnated; famous companies like Karstadt, Hertie and Escada had to file for insolvency. Expansion strategy for the Germany Region There is a lot of potential for expansion in south- ern and western Germany. This is where new locations are being developed. In the north and east of the country all locations have been evaluated and measures have been taken to increase profitability. In the case of unprofitable locations, stores have been closed. Gross sales in the Germany region fell during the period under review from CHF 535 million to CHF 509 million. Developing the store portfolio As part of the streamlining of the store portfolio, 23 branches were closed in the Germany Region in 2009, though 11 new stores were opened in south- ern and western Germany. The pilot project for the new store design was started in September 2009 in Metzingen. geRMany RegiOn 314 15 09 08 07 06 05 09 08 07 06 05 09 08 07 06 05 Gross sales in CHF million Net sales in CHF million 418 440 458 451 509 535 554 528 541 465 0 150 300 450 600 750 Branches 314 326 321 325 338 0 80 160 240 320 400 Employees Full-time equivalents 1654 1662 1661 1699 1719 2590 2606 2888 2975 2848 0 800 1 600 2 400 3 200 4 000 Key Facts Chairman’s Message CEO’s Report group Report Regional Report Corporate Social Responsibility Corporate governance Financial Report
Page 1 and 2: 20 09 AnnuAl REPORT
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Page 5 and 6: 2 3 5 7 9 13 14 15 16 17 18 20 26 K
Page 7: Own sourcing offices in India and B
Page 11 and 12: Dear shareholders 2009 was one of t
Page 13 and 14: RENEwAL AT ALL LEvELS since the end
Page 15 and 16: vALUE CHAIN SUPPLy CHAIN MANAGEMENT
Page 17: OvERvIEw OF REgIONS Charles Vögele
Page 21 and 22: The entire market within the Benelu
Page 24 and 25: CORPORATE SOCIAL RESPONSIBILITY Cha
Page 26 and 27: social Responsibility employees Cha
Page 28 and 29: sci workshops and audits in 2009 Si
Page 30 and 31: Key Figures 26 31.12.2009 31.12.200
Page 33 and 34: 1 GROUP STRUCTURE AND SHAREHOLDERS
Page 36 and 37: From left to right: Prof. Dr. Peter
Page 38 and 39: 3.2 Other activities and interests
Page 40 and 41: - Nomination and Compensation Commi
Page 42 and 43: From left to right: Markus Voegeli,
Page 44 and 45: 5 COMPENSATION, SHAREHOLDINGS AND L
Page 47 and 48: 8 AUDITORS 8.1 Duration of mandate
Page 49: FINANCIAL REPORT
Page 52 and 53: FINANCIAL COMMENTARY Despite a very
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Page 57 and 58: CHF 1000 Note 31.12.2009 31.12.2008
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Financial assets at fair value thro
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2.22 Financial liabilities Financia
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CHF 1000 EUR/CHF USD/CHF HUF/CHF HK
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On the balance sheet date, Charles
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CHF 1000 31.12.2009 31.12.2008 Shor
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5 Segment information Switzerland G
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The pension liabilities and plan as
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The pension liability of the German
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15.2 Analysis of tax expense CHF 10
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16 Earnings per share 37 2009 2008
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Other receivables are not related t
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21.2 Finance leases The carrying am
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23.2 Impairment test on goodwill CH
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CHF 1000 27 Finance lease liabiliti
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CHF 1000 At the end of June 2007, C
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Granting year of tranche options in
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36 Contingent liabilities 36.1 Outs
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38 Rental commitments For rental co
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CHF 1000 Details of total payments
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2008 Disclosure of Board of Directo
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42 Structure of the Charles Vögele
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Opinion In our opinion, the consoli
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CHF 1000 Note 2009 2008 Income Divi
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NOTES TO THE FINANCIAl STATEMENTS 1
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10 Contingent liabilities CHF 1000
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Report of the statutory auditors to
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FINANCIAl CAlENDAR/CONTACTS APRIl 1
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