100 % FUTURE - ALNO

138
The following table shows the sensitivity of the Group’s earnings before income taxes to changes
in the fair value of monetary foreign currency items. There are no effects impacting equity directly.
Rate changes
Effect on earnings in EUR thousand
Income (+) / expense (–)
GBP CHF GBP CHF
2010 + 10.0 % + 10.0 % + 248 + 102
– 10.0 % – 10.0 % – 248 – 102
2009 + 10.0 % + 10.0 % + 220 + 168
– 10.0 % – 10.0 % – 220 – 168
3. INTEREST-RATE FLUCTUATION RISKS
Interest-rate fluctuation risk is the risk that the fair value or future cash flows of financial assets and
liabilities might fluctuate owing to changes in interest rates on the market. The Group is subject
to interest-rate fluctuations primarily in the Eurozone. In order to minimize the effects of interestrate
fluctuations in these areas, ALNO AG manages the interest-rate risk for net financial liabilities
denominated in euros. Financial liabilities in foreign currency exist only to a minor extent. In 2008,
derivative financial instruments with a nominal volume of EUR 50,000 thousand and a term until
August 2010 were executed to hedge against interest-rate fluctuations risks. There were no longer
any derivative financial instruments as of the balance sheet date.
In the following interest-rate sensitivity analysis, only those financial liabilities are taken into account
that carry variable interest. The sensitivity analysis was prepared on the assumption that the level of
the financial liabilities, and also the relationship between fixed and variable interest, remain constant.
If the market interest-rate level as of December 31, 2010 had been 150 basis points (previous year:
100 basis points) higher (lower), the Group net income/loss, and consequently also its equity, would
have been EUR 1,451 thousand (previous year: EUR 539 thousand) lower (higher).
4. DEFAULT RISKS
Default risk is the risk that contractual partners in the area of financial assets might fail to meet their
payment obligations.
In business operations, outstanding accounts are continuously monitored by area, in other words,
on a decentralized basis. As part of the Group’s receivables management, minimum creditworthiness
requirements, as well as upper exposure limits, are laid down for all ALNO Group business
partners. The basis in this context is a prescribed limits system, compliance with which is continuously
monitored. In addition, the ALNO Group secures trade receivables with commercial credit
insurance, which reimburses the loss incurred up to the contractually agreed amount in the event
of a receivables default. Default risks are accounted for by means of individual value allowances.
Trade receivables are secured by commercial credit insurers, and by the del credere liability of the
central claims settling agencies with an overall ratio of 90 % (previous year: 90 %). Companies within
the ALNO Group decide on a specific case basis whether credit insurance is to be utilized.