100 % FUTURE - ALNO

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98 Consolidation methods All of the companies included in the consolidated financial statements prepare their annual financial statements on the same balance sheet date as <strong>ALNO</strong> AG’s single-entity financial statements. This is consequently the balance sheet date for the consolidated financial statements. The consolidated financial statements are prepared based on uniform accounting of valuation methods (IFRS), as applicable in the EU. Capital is consolidated using the acquisition method pursuant to IFRS 3. On the date when control is obtained, the remeasured assets and liabilities of the subsidiary, as well as its contingent liabilities – to the extent that they do not depend on future events – are netted with the fair value of the consideration rendered for the shares. Contingent purchase price payments are included at their expected amount in the fair value of the consideration rendered, and are recognized on the equity and liabilities side of the balance sheet. Subsequent adjustments of contingent purchase price payments are recognized through profit or loss. Incidental costs incurred as part of the purchase are expensed on the date when they arise. Any remaining positive difference is carried as goodwill. Capitalized goodwill is tested for impairment on the balance sheet date. Any negative differences resulting during capital consolidation are recognized in income. Income and expenses, and receivables, liabilities and provisions between consolidated companies are eliminated. Inter-company profits or losses in non-current assets and inventories arising from intra-Group deliveries are eliminated. Deferred taxes are recognized on consolidation entries with an effect on profit or loss. Intra-Group guarantees are eliminated. Subsidiaries are no longer included in the consolidated financial statements as soon as the parent loses control over the subsidiary. Currency translation The consolidated financial statements are prepared in euros, the functional currency of <strong>ALNO</strong> AG. The financial statements of the foreign subsidiaries are translated to euros using the functional currency concept (IAS 21). Since all of the companies included conduct their business independently, the respective national currency is generally the functional currency. As a consequence, assets and liabilities are translated at the closing rate on the balance sheet date; items in the consolidated income statement are translated using average annual exchange rates; equity is recorded at historical exchange rates. Differences resulting from the use of different exchange rates are taken directly to equity. Any currency translation differences that may arise from intra-Group receivables and liabilities denominated in foreign currencies, for which settlement is neither planned nor likely within a foreseeable period, are taken directly to the currency translation reserve in equity in the consolidated financial statements in accordance with IAS 21.32. Monetary assets and liabilities denominated in foreign currencies in the single-entity financial statements are recognized with the rate applying on the transaction date, and are translated at the rate applying on the reporting date on each reporting date. Exchange-rate differences are recognized in income, and carried under other operating income and expenses. Non-monetary items denominated in foreign currencies are translated at the exchange rate on the transaction date.
99 Exchange rate gains and losses are netted in the consolidated income statement. The following exchange rates to the euro were used: je EUR 31/12/2010 31/12/2009 Average exchange rate 2010 Average exchange rate 2009 GBP 0.8567 0.8999 0.8589 0.8917 CHF 1.2466 1.4876 1.3833 1.5102 4.SUMMARY OF SIGNIFICANT ACCOUNTING METHODS Revenue recognition Revenues are booked on the date on which risks are transferred after delivery, based on the conditions of sale less returns, discounts, rebates and VAT. Only the product sales resulting from ordinary business activities and the associated ancillary services are reported as revenues. Income from services rendered is recorded in line with their percentage of completion if the amount of income can be reliably determined, and it is likely that there will be an inflow of economic benefit. Other income is recognized in line with the contractual agreements, or after a service has been realized. Financial result The net financial result includes, in particular, interest income from cash investments, and interest expenses on loans. Interest income is recognized on the date on which it arises. Financing costs are capitalized as part of cost if they can be attributed to a qualified asset. They are otherwise expensed immediately. Income taxes Income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from, or paid to, the tax authorities (IAS 12). Calculation of the amount is based on tax rates and tax laws applying as of the reporting date. “In addition, the deferred tax charges or refunds identified under IAS 12 arising from temporary differences between the IFRS carrying amounts in the consolidated financial statement and the local tax base, and from consolidation, are carried as either deferred tax assets or deferred tax liabilities.” In addition, deferred tax assets may be carried for tax loss carryforwards if it is sufficiently likely that the resultant tax reductions will actually occur in the future. The tax forecast for the next four years is used to assess the impairment of deferred tax assets for tax loss carryforwards. The policy continues to be applied that, when recognizing deferred tax assets, consideration is given to assessing whether taxable temporary differences, which relate to the same tax authority and same tax subject. Deferred taxes are calculated on the basis of the tax rates that apply, or are expected with sufficient certainty to apply, at the time of realization in the individual countries.
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100 % FUTURE 2010 ANNUAL REPORT
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GROUP FINANCIAL FIGURES YEAR-ON-YEA
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3 100 % FUTURE — 2010 Annual Repo
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6 HISTORY 1960 1969 1927 1957 1958
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8 THE MANAGING BOARD The Managing B
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10 KEY ISSUES DISCUSSED IN PLENARY
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12 statements. Having concluded its
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14 THE ALNO SHARE ALNO (FRANKFURT)
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16 accrued to ALNO AG as a conseque
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19 1OO % FUTURE 20 ALNO brands 22 S
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21 ALNO ALNO is the Group‘s premi
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23 100 % Design - We embody a passi
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27 WHAT EVERYONE DREAMS OF Try and
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29 SE 100 % Lifestyle - Into the fu
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33 WE SHARE THE SAME VISION OF PEOP
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35 100 % Synergy - We have already
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37 WE HAVE TAKEN THE FIRST step tow
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39 1OO PERCENT EFFICIENCY ESPRIT- H
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42 GROUP MANAGEMENT REPORT OF ALNO
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44 II. GROUP STEERING The Group is
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46 IV. MARKET AND COMPETITIVE ENVIR
Page 50 and 51: 48 V. PRODUCTS AND PRODUCTION The A
Page 52 and 53: 50 A study that ALNO AG mandated in
Page 54 and 55: 52 VIII. TARGETS AND STRATEGY The p
Page 56 and 57: 54 IX. FINANCIAL POSITION AND RESUL
Page 58 and 59: 56 Amortization of intangible asset
Page 60 and 61: 58 Revenue volumes for ALNO AG fell
Page 62 and 63: 60 the period under review with the
Page 64 and 65: 62 There was a significant, EUR 19.
Page 66 and 67: 64 B. REPORT ON EVENTS AFTER THE BA
Page 68 and 69: 66 Production of ESPRIT home kitche
Page 70 and 71: 68 c. REPORT ON OPPORTUNITIES AND R
Page 72 and 73: 70 Exchange rate risks Currency exc
Page 74 and 75: 72 invoicing process to be fully au
Page 76 and 77: 74 d. OTHER INFORMATION I. CORPORAT
Page 78 and 79: 76 RELEVANT INFORMATION ON CORPORAT
Page 80 and 81: 78 THE PRESIDENTIAL COMMITTEE CONSI
Page 82 and 83: 80 DIRECT OR INDIRECT INTERESTS IN
Page 84 and 85: 82 III. KEY CHARACTERISTICS OF THE
Page 87 and 88: 85 CONSOLIDATED FINANCIAL STATEMENT
Page 89 and 90: 87 CONSOLIDATED STATEMENT OF COMPRE
Page 91 and 92: 89 CONSOLIDATED CASH FLOW STATEMENT
Page 93 and 94: 91 NOTES TO THE CONSOLIDATED FINANC
Page 95 and 96: 93 2. AMENDMENTS TO ACCOUNTING METH
Page 97 and 98: 95 • Improvements to IFRSs 2010:
Page 99: 97 • IFRS 13 - Fair Value Measure
Page 103 and 104: 101 Property, plant and equipment P
Page 105 and 106: 103 Overview of the cash generating
Page 107 and 108: 105 Securities and participating in
Page 109 and 110: 107 5. KEY DISCRETIONARY DECISIONS,
Page 111 and 112: 109 4. COST OF MATERIALS In EUR tho
Page 113 and 114: 111 8. AMORTIZATION OF INTANGIBLE A
Page 115 and 116: 113 Deferred taxes comprise the fol
Page 117 and 118: 115 D. NOTES TO THE CONSOLIDATED BA
Page 119 and 120: 117 3. FINANCIAL ASSETS As of Decem
Page 121 and 122: 119 8. OTHER CURRENT ASSETS In EUR
Page 123 and 124: 121 On April 10, 2007, Küchen Hold
Page 125 and 126: 123 ABAG Aktienmarkt Beteiligungs A
Page 127 and 128: 125 According to the wording of the
Page 129 and 130: 127 c. Accumulated other comprehens
Page 131 and 132: 129 Apart from the interest expense
Page 133 and 134: 131 13. SHAREHOLDER LOANS During th
Page 135 and 136: 133 E. DISCONTINUED OPERATIONS In f
Page 137 and 138: 135 2009 By segment in EUR thousand
Page 139 and 140: 137 H. MANAGEMENT OF FINANCIAL RISK
Page 141 and 142: 139 Kitchens manufactured by the AL
Page 143 and 144: 141 Aggregated by measurement categ
Page 145 and 146: 143 J. RELATED PARTIES Insofar as t
Page 147 and 148: 145 Further mandates exercised by S
Page 149 and 150: 147 (previous year: EUR 209 thousan
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149 The item relating to auditing s
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151 to be nominated by Küchen Hold
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153 P. DECLARATION OF CONFORMITY PU
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155 Without qualifying this opinion
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100 % FUTURE - ALNO

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