MIRA
INFORM REPORT
|
Report Date : |
15.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CHARLES VOGELE TRADING AG |
|
|
|
|
Formerly Known as : |
CHARLES VOEGELE INFORMATIK AG |
|
|
|
|
Registered Office : |
Gwattstrasse
15 Postfach 8808 Pfaeffikon |
|
|
|
|
Country : |
Switzerland |
|
|
|
|
Date of Incorporation : |
21.12.1994 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Corporate Services in The Purchase, Information, Accounting,
Treasury, Controlling and Risk Management Sector. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
Business connections are
permissible |
|
|
detail
assessment: |
payments: |
|
|
|
Regular |
|
|
|
Individual credit
limit*: |
EUR 800.000,-- |
Name
Charles
Voegele Trading AG
Line of Business
Modehandel
Legal domicile
Gwattstrasse
15
8807
Freienbach/SZ
Business address
Gwattstrasse
15
Postfach
8808
Pfaeffikon/SZ
Switzerland
Telephone: 055
4167111
Fax: 055
4167171
Homepage:
www.voegele-mode.com
All amounts in
this report are given in Swiss Francs (CHF) unless otherwise stated.
GENERAL COMPANY DATA
OFFICIAL DATA:
Legal form :Joint stock company
Registration :21-12-1994
First
Publication :03-01-1995
Last
Publication : 06-11-2007
Share capital :10.000.000
Paid up :10.000.000
Divided into :10.000 Registered shares of
1.000
The transfer
of registered shares is restricted by regulations contained in Statutes.
History : 01-12-1999 10.000.000 Capital increase
100.000 Capital by
incorporation
Direct Parent com
Charles
Voegele Holding AG, 8807 Freienbach/SZ,
Switzerland/CH
with a share of 100.
Company Management
Werner Lange
Registered name
12-02-1998
Charles Voegele Trading AG
21-12-1994
Charles Voegele Informatik AG
ACTIVITY
Line of
business: Management company
Sector : General services/Business
services
Activity:
The company is responsible for all the administrative
work of the Charles Voegele sales companies. Charles Voegele Trading AG
provides corporate services in the purchase, information, accounting, treasury,
controlling and risk management sector.
In addition, all the purchase activities for the
sales companies are conducted via the Charles Voegele Trading AG (central
purchase). The general purchase, orders and logistics requirements will be
based and handled in Pfaeffikon (central base).
Charles
Voegele distribution companies are situated in Switzerland, Belgium, Holland,
Austria as well as northern and southern Germany.
As at
31.12.2006, the distribution companies operated 809 (2005: 791 outlets in the
aforementioned countries.
Sales outlets in Switzerland at
year end
2006: 191
2005: 159
2004: 157
2003: 156
2002: 153
Sales area at year-end in square
metres
Total Switzerland
----- -----------
2006: 622'546 138'020
2005: 602'496 133'941
2004: 593'233 129'762
2003: 583'340 126'476
2002: 581'323 123'848
Significance
It is one of
the leading companies in its business sector.
Employees of the Voegele Group in
Switzerland
At
year end Full time
----------- ---------
2006: 2'073 1'286
2005: 2'077 1'298
2004: 2'175 1'329
2003: 2'308 1'405
2002: 2'500 1'576
Personnel of the Voegele Group at
31.12.
At
year end Full time
----------- ---------
2006: 7'370 4'863
2005: 7'258 4'821
2004: 7'283 4'932
2003: 7'845 5'312
2002: 8'287 5'689
PAYMENT AND FINANCIAL DATA
PAYMENT
EXPERIENCES:
Legal actions: No legal actions or distraints are
registered.
Report from 10-02-2005, in 8834 Schindellegi.
0 0 0
No. Amount
No. Amount No.
Amount
Report from 10-02-2005, in 8834 Schindellegi.
0 0 0
No. Amount
No. Amount No.
Amount
Report from 14-12-2001, in 8834
Schindellegi.
A current
check of the legal actions requires a document of justification with a
legitimate signature.
There are no
recorded complaints on the business conduct of the company and current
liabilities are settled in an orderly manner.
For
large-scale financial transactions the company should be capable of providing appropriate
capital guarantees or sureties.
FINANCIAL DATA:
Financial
position: The financial affairs are
considered to be in order.
Financial
Statements: The company does not disclose any financial statements.
Consolidated
key figures (in CHF 1.000):
Charles Voegele-Gruppe
31.12.2006 31.12.2005 31.12.2004
12 Months 12 Months 12 Months
Sales 1'323'647.0 1'347'597.0 1'332'647.0
Operating Profit/Loss 11'683.0 108'652.0 79'567.0
Cost of employees 299'553.0 299'033.0 295'693.0
Depreciation 55'064.0 54'784.0 56'529.0
Profit/Loss -19680.0 70'069.0 36'924.0
Cash-Flow 73'496.0 142'973.0 120'291.0
Investments 71'102.0 49'930.0 40'944.0
Shareholder funds 488'665.0 529'186.0 465'928.0
Balance sheet total 884'760.0 912'358.0 923'907.0
Net sales of
the Voegele Group in Switzerland at 31.12. in CHF:
---------------------------------------------------------------
2006: 451.000.000.--
2005: 477.355.000.--
2004: 485.278.000.--
2003: 522.545.000.--
2002: 566.849.000.--
Key figures of
the Charles Voegele Group for the first half-year of
fiscal 2007 (in
CHF million, at 30.06.):
30.06.2007 30.06.2006
---------- ----------
Net sales 672.0 627.6
EBIT 38.4 26.6
Net income 22.8 13.5
Cash flow from operations 35.6 1.0
Number of employees 7,656 7,207
The financials
for the full 2007 fiscal year are still pending.
Banker(-s)
Various major banks local branches
Auditors
PricewaterhouseCoopers
AG, Zuerich
The group owns
numerous real estate properties in Switzerland and abroad. The consolidated acquisition
cost and the book value of the real estate properies amount to (as at 31.12.,
in CHF):
Acquisition cost Book
value
---------------- ----------
2006 278.009.000.-- 183.005.000.--
2005 274.508.000.-- 186.612.000.--
2004 273`091.000.-- 190.994.000.--
2003 281.546.000.-- 201.280.000.--
2002 276.976.000.-- 203.309.000.--
Fiscal taxation
No information
is available due to the local tax authority regulation.
COMPANY AND PERSON RELATIONS
COMPANY CONNECTIONS:
Direct Parent
com.
Charles
Voegele Holding AG, 8807 Freienbach/SZ, Switzerland/CH with a share of 100.
In 1997, the founder of the company, Charles Voegele,
sold the Group - formed under the umbrella of Charles Voegele Holding AG - to
the Schroders Ventures, London/Great Britain (85%). In May 1999 the Charles
Voegele Holding was listed simultaneously on the Stock Exchange in
Frankfurt/Germany and the Swiss Stock Exchange in Zurich. In the meantime, in
Frankfurt the Charles Voegele shares have been delisted
again.
According to the information supplied to the company
under statutory stock exchange regulations, as of March 28, 2002, the Classic
Glboal Equity Fund (Braun, von Wyss & Mueller AG's asset management arm)
held 6.2% of the company's capital. As stated in its annual report, the Classic
Global Equity Fund held 9.3% of the company's capital as of 31 December 2006.
As per 15 July 2006, Bestinver Gestion S.G.I.I.C., S.A. Madrid held a
participation of 5.0% in the company's capital. On 10 October 2006, UBS Fund
Management (Switzerland) Ltd. reduced its participation of formerly 5.1% of the
company's share capital to 4.9%,
and increased it
again to 5.1% as of 1 February 2007.
Clothing retail group Voegele has specialised in the
segment occupied by the price and quality-conscious family and has shops in
Switzerland, Germany, Austria, Belgium and the Netherlands. The Group's activities
are clearly focused on its core competence, the
fashion trade segment in Europe.
Investments
In the group
are approximately 16 companies, of
which 6 are in Switzerland and 10 abroad.
BOARD OF DIRECTORS:
Daniel
Reinhard, from Ruettenen, in
Meggen/LU/Switzerland,
President,
collective signature.
Dr. Felix A.
Thoeni, from Rifferswil, Hasliberg, in
Cham/ZG/Switzerland,
Vice
President, collective signature.
MANAGEMENT:
Werner Lange,
from Germany, in
Pfaeffikon/SZ/Switzerland,
Director,
collective signature.
Dr. Karin
Ilona Bertschinger, from Germany, in
Zollikon/ZH/Switzerland,
Vice Director,
collective signature.
Juerg Bieri,
from Schangnau, in
Bassersdorf/ZH/Switzerland,
Vice Director,
collective signature.
Stefan
Carl-Aebischer, from Mollis, in
Uetliburg/SG/Switzerland,
Vice Director,
collective signature.
Martin Graf,
from Zuerich, Grub AR, in
Feldmeilen/ZH/Switzerland,
Vice Director,
collective signature.
Heinrich
Kaelin, from Einsiedeln, in
Pfaeffikon/SZ/Switzerland,
Vice Director,
collective signature.
Giacomo
Tovena, from Breitenbach, in
Meilen/ZH/Switzerland,
Vice Director,
collective signature.
Bernhard
Westphal, from Germany, in
Eschenbach/SG/Switzerland,
Vice Director,
collective signature.
PERSONNEL INFORMATION
Daniel
Reinhard lives at Boeschencherweg 5 in Meggen.
Charles
Voegele, the founder of the company, died in April 2002 at the age of 79.
The
responsible persons enjoy a good reputation in business affairs.
FURTHER MANDATES
Daniel
Reinhard:
- MacFash
GmbH, Freienbach
- Charles
Voegele Holding AG, Freienbach
- Prodress AG,
Freienbach
- Charles
Voegele Store Management AG, Freienbach
- Cosmos Mode AG, Pfaeffikon, Freienbach
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)