Charles Vögele's 2006 results, to expand in Hungary
06 Mar '07
3 min read
Impairment of goodwill from the Kien acquisition in the Netherlands: The CHF 74 million of goodwill from the 2001 acquisition of the Dutch Kien Group was impaired, thus fundamentally improving this position in the company's balance sheet.
The Board of Directors and Group Management decided to take this action because in 2006 the Netherlands (and Belgium) Sales Organization, despite making continuous progress, posted a loss of CHF 4 million at EBITDA level, thus failing to achieve the declared target of breaking even last year. Meanwhile, the Charles Vögele Group is still committed to the Netherlands and will continue to grow in this market like-for-like and by opening new stores in the years to come.
marketing@alchempro.com
