100 % FUTURE - ALNO

106
Financial liabilities
No use is made of the option to recognize financial liabilities as financial liabilities at fair value through
profit or loss on first-time recognition.
Financial liabilities mostly comprise shareholder loans and liabilities to banks. All financial liabilities
within the meaning of IAS 39 are generally carried at amortized cost (financial liabilities measured
at cost), which corresponds to the fair value of the consideration received including transaction
costs. Current financial liabilities also generally include the portion of non-current loans for which
the remaining term is less than one year.
Financial liabilities which the loan providers have waived are derecognized through profit or loss
within the financial result. A new financial liability arises if a debtor warrant was agreed for these
liabilities, and the occurrence of the condition is likely. In this case, the liability is recognized at its
discounted nominal value, and discounted over its term.
Derivative financial instruments
In 2008, ALNO AG concluded derivative financial instrument transactions with a term until August
2010 to hedge itself against the risk of changes in interest rates. The derivative financial instruments
required classification as held-for-trading since they do not meet the stringent accounting criteria
for hedge transactions according to IAS 39. Changes to the market value of the derivative financial
instruments are reported in the financial result in the income statement.
Trade payables and other liabilities
Trade payables are carried at the amount invoiced by the supplier.
Accruals are carried at the amount owed, which is estimated in some cases, and are carried under
other liabilities.
Liabilities from finance leases are also carried under other liabilities at the present value of the future
lease payments. These are classified as current and non-current liabilities in line with the term of the
lease agreement. Lease payments are broken down into interest payments and redemptions of the
remaining liability so that there is a constant interest rate on the remaining lease liabilities over the
period. The interest portion is recognized in income under financial expenses.
Lease payments for operating leases are carried as expenses in the consolidated income statement
over the period of the lease on a straight-line basis.
Miscellaneous other liabilities are carried at their repayment amount.
Trade payables and other liabilities are derecognized if the underlying obligation is satisfied, has
been terminated, or has expired.
Correction to the consolidated statement of comprehensive income and consolidated
statement of changes in equity
In the previous year, and the valuation adjustment to deferred tax assets relating to IPO costs of
EUR 127 thousand was presented as part of consolidated other comprehensive income in the
consolidated statement of total comprehensive income, although the item is closely connected with
owner transactions, and should consequently be reported separately in the consolidated statement
of changes in equity. The previous year’s presentation was corrected. This change of presentation
increased consolidated other comprehensive income by EUR – 127 thousand, from EUR – 204
thousand to EUR – 77 thousand. This increased 2009 consolidated total comprehensive income
from EUR – 39,168 thousand to EUR – 39,041 thousand.