2012 BUSINESS YEAR: POSITIVE FREE CASH FLOW ACHIEVED - REVIEW OF

PRESS RELEASE

2012 BUSINESS YEAR: POSITIVE FREE CASH FLOW ACHIEVED - REVIEW OF COUNTRY
PORTFOLIO INITIATED

The main themes for Charles Vögele Group in 2012 were cash management and
intensive product work. In the wake of the large outflow of cash in 2011, the
company achieved its objective of re-establishing positive free cash flow. Net
sales fell from CHF 1 016 million to CHF 972 million. Operating earnings
before depreciation and amortization (EBITDA) improved slightly on the prior
year, by CHF 4 million to CHF -17 million. In parallel with taking the Group
back to profitable growth, the Board of Directors is examining and analyzing
the optimization of the organization with support from external specialists.
Since the preparation and auditing of the Group's annual accounts are not yet
complete, the results press conference and Charles Vögele Holding AG's Annual
General Meeting are being postponed.

Pfäffikon SZ, 1 March 2013 - 2012 was another eventful year for Charles Vögele
Group. "The business environment remained challenging. The relevant clothing
markets showed no signs of recovery, shrinking in all regions where Charles
Vögele sells," is how Markus Voegeli, interim CEO of Charles Vögele, sums up
last year. The unsettling effect of the euro crisis and excessive government
debt, especially in Southern Europe, led to generally subdued consumer
sentiment. From the operational point of view, the main themes for Charles
Vögele Group in 2012 were cash management and the rigorous implementation and
optimization of key business-specific measures.

Positive free cash-flow - much better performance in second half of the year

Charles Vögele focused on cash management in 2012. By significantly reducing
procurement volumes in the second half of the year in order to integrate
selected items from the 2011 autumn/winter collection into the new range, and
by further reducing costs and restricting investment activity, free cash flow
was improved by CHF 172 million to CHF 15 million. The group thus achieved the
goal it had announced for 2012: "Stop the bleeding". The group's net sales
went down by 4.4% to CHF 972 million. During the first quarter, the weak euro
once again had a negative effect. CHF 16 million of the decline in sales was
due to the depreciation of foreign currencies (mainly the euro) against the
Swiss franc. In local currency terms the fall was 2.8%. Charles Vögele reduced
its operating costs by a further CHF 27 million to CHF 619 million thanks to
rigorous cost management. CHF 9 million of this was due to the depreciation of
the euro.

The gross profit margin improved slightly, from 61.5% in the prior year to
61.9%, thanks to better incoming margins and smaller price reductions in the
second half of the year. More intense discounting activity in the first half
of 2012 led to a CHF 23 million decline in gross profit for the year to CHF
602 million. By reducing discounts in the second half, gross profit was pushed
up by around CHF 24 million compared with the second half of 2011 and by CHF
28 million compared with the first six months of 2012. Operating earnings
before depreciation and amortization (EBITDA) improved slightly compared with
the prior year, by CHF 4 million to CHF -17 million. EBITDA in the second half
of 2012 improved clearly compared to the first half of 2012 and to the second
half of the previous year. In the second half of the year, the increased gross
profit led to CHF 30 million higher EBITDA compared with the equivalent period
of the previous year. The EBITDA figure for the second half of 2012 went up by
more than CHF 27 million compared with the first six months to CHF 5 million.

Optimizing the organization and focusing on core markets

The Board of Directors of Charles Vögele Holding AG is currently evaluating
the optimization of the organization and assessing opportunities to focus on
the company's core markets. Since the start of the year all improvement
measures being taken by the group have been analyzed with the help of external
specialists. As part of this process the Central & Eastern Europe (CEE) Region
country portfolio has been reviewed and the possibility has been examined of
withdrawing from Poland, the Czech Republic and Hungary. Cutting out
loss-making country organizations would enable Charles Vögele to reduce
complexity within the company and focus on core markets.

Charles Vögele Holding AG's results press conference and Annual General
Meeting postponed

Since the preparation and auditing of the Group's accounts are not yet
complete, the Board of Directors has decided to postpone the results press
conference to 16 April 2013 and the Annual General Meeting to 14 May 2013. By
this time, the information required for the Board to make some further
decisions will be available, as will the findings of the external specialists.

Disclaimer

All statements made in this media release that do not refer to historical
facts are future-oriented statements which offer no guarantee of future
performance. They are subject to risks and uncertainties including, but not
limited to, future global economic conditions, exchange rates, legal
requirements, market conditions, activities by competitors and other factors
outside the company's control.

Charles Vögele Group is one of Europe's leading vertical fashion retailers. It
offers the latest fashions at great prices to people in the prime of their
lives who want to feel good. With attractively presented goods, combined with
friendly, knowledgeable advice, it creates a relaxed and enjoyable shopping
experience. Charles Vögele has 812 outlets in ten countries: Switzerland,
Germany, Liechtenstein, the Netherlands, Belgium, Austria, Slovenia, Poland,
Hungary and the Czech Republic. In 2012 the Group and its approximately 6 700
employees generated gross sales of CHF 1.15 billion. Charles Vögele Holding
AG's shares are quoted on the SIX Swiss Exchange (securities number: 693 777).

Media release PDF

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