100 % FUTURE - ALNO

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150 2011, unless the capital increase against non-cash capital contributions fails to occur due to an infringement on the part of ALNO AG, IRE Beteiligungs GmbH and Küchen Holding GmbH against their co-operation duties. Under the suspensive conditions that the capital increase is successfully performed with gross issue proceeds of at least EUR 20.0 million, and that the capital increase is entered in the commercial register by May 30, 2011, and that the ALNO Group is relieved of trade payables of at least EUR 25.0 million by Starlet Investment AG, ALNO AG and Bauknecht Hausgeräte GmbH have agreed to reduce the existing overdraft facility to zero. The consortium banks have agreed to this reduction. Küchen Holding GmbH has obligated itself to relieve the ALNO Group of loan liabilities to the consortium banks in an amount of EUR 25.0 million. In the first step, and at the option of Küchen Holding GmbH, this relief is to occur either by way of purchase of receivables with full discharge of the debtor, or through other agreements that lead to the same economic result for the consortium banks. In the instance of the purchase of the receivables, Küchen Holding GmbH intends in a second step to contribute the valuable portion of the receivables acquired from the consortium banks as a non-cash capital contribution to the company as part of a capital increase against non-cash capital contributions by December 31, 2011. The obligation on the part of Küchen Holding GmbH is subject to the suspensive conditions that the capital increase is successfully performed with gross issue proceeds of at least EUR 20.0 million, that the capital increase is entered in the commercial register by May 30, 2011, that the ALNO Group is relieved of trade payables by Starlet Investment AG, and that certain co-operation duties are satisfied by ALNO AG, IRE Beteiligungs GmbH and Starlet Investment AG with regard to the realization and performance of the capital increase against non-cash capital contributions (in particular, through corresponding exercising of voting rights at the Shareholders’ General Meeting), as well as with regard to the contribution loan receivables. If, and to the extent that, the contribution of the loan receivables has not occurred by December 2011, 31, Starlet Investment AG has obligated itself to waive these receivables for the company and its associated companies by way of deposit into the company’s capital reserve at the latest by, and with effect of, December 2011, unless the capital increase against non-cash capital contributions fails to occur due to an infringement on the part of ALNO AG, IRE Beteiligungs GmbH and Küchen Holding GmbH against their co-operation duties. The consortium banks have obligated themselves to conclude the agreements with Küchen Holding GmbH that are requisite for the relieving of the ALNO Group of loan receivables. This obligation is subject to the suspensive conditions that the capital increase is performed successfully with gross issue proceeds of at least EUR 20.0 million, that the capital increase is entered in the commercial register by May 30, 2011, and that the ALNO Group is relived of the aforementioned trade payables by Starlet Investment AG. The consortium banks have also declared their waiver of the debtor warrant as granted by ALNO AG as part of Restructuring Agreement I. This waiver is subject to the suspensive condition that the capital increase is performed with gross issue proceeds of at least EUR 20.0 million, and that it is entered in the commercial register by May 30, 2011. The second waiver of EUR 10.0 million arising from Restructuring Agreement I that was concluded on April 23, 2010 was cancelled as part of this agreement under the suspensive condition that the capital increase is performed with gross issue proceeds of at least EUR 20.0 million, that the capital increase is entered in the commercial register by May 30, 2011, and that the ALNO Group is relieved of trade payables in an amount of at least EUR 25.0 million by Starlet Investment AG. A further extension of the loan terms until December 31, 2010 will be examined in a favorable light under further terms whereby a restructuring survey to be compiled by Pricewaterhouse Coopers AG Wirtschaftsprüfungsgesellschaft for ALNO AG issues a positive forecast relating to the company’s continued existence, and that the capital increase is entered in the commercial register by May 30, 2011. Under these terms, the consortium banks will also support ALNO AG in its application for a federal state guarantee. Finally, and as part of the Restructuring Agreement II, the company obligates itself, at corresponding written request by Küchen Holding GmbH, which must be submitted to the company by December 31, 2011, to issue convertible bonds from conditional capital under exclusion of subscription rights for the company shareholders to majority shareholders in Küchen Holding GmbH or to third parties
151 to be nominated by Küchen Holding GmbH. When converted, these convertible bonds will entitle to the subscription of shares to a level of up to 10 % of the company’s share capital. Küchen Holding GmbH has obligated itself to pledge that these convertible bonds will be subscribed for. ALNO AG has obligated itself to the consortium banks to solicit the support of professional consultants for its further restructuring. The restructuring agreements presented above are regarded as an integral component of the Group restructuring, and consequently as an elementary basis for the further realization of the planned restructuring measures. PRODUCTION OF ESPRIT HOME KITCHENS IN PFULLENDORF On April 4, 2011, the company’s management also announced that the ESPRIT home kitchens would be produced at the Pfullendorf site. Renovation of the roof and further investments in Plant 1 are connected with the planned expansion of components production for Group supply. In order to neutrally structure start-up costs, the Works Council has declared that the workforce is prepared to make a contribution to the investments through the waiving of hours worked. Far-reaching flexibility in terms of personnel capacity and working hours was also negotiated in Pfullendorf. The site is to sustainably improve its competitiveness as a result of these measures. The decision to produce the ESPRIT home kitchens in Pfullendorf fits into the “ALNO 2013” strategy to manufacture specialty ranges, exclusive products and series entailing small unit volumes there in the future, since the ESPRIT home kitchens fall into both categories. CHANGES TO THE MANAGING BOARD At its meeting held on April 6, 2011, the Supervisory Board of ALNO AG reached a decision concerning a new Managing Board team. Max Müller was unanimously appointed to be the new Managing Board Chairman (CEO) with immediate effect. His future departmental responsibilities include Marketing, Development, Production, Purchasing, Logistics and Quality. Christoph Fughe became the new Managing Board member responsible for the Sales area. He was previously Head of Sales for ALNO AG. Jörg Artmann remains the Managing Board member responsible for Finance (CFO), Personnel and IT. Jörg Deisel (who as CEO was previously responsible for Sales, Marketing and Development) and Michael Paterka (who was the Managing Board member responsible for Production, Purchasing, Logistics and Quality) have left the company. EXPANSION OF FACTORING VOLUMES With an agreement dated December 8/28, 2010, the ALNO Group increased its previous factoring volume with from EUR 20 million to EUR 45 million with effect as of January 1, 2011. In addition to the existing subsidiaries Impuls Küchen GmbH and pino Küchen GmbH, the factoring arrangement now additionally includes Gustav Wellmann GmbH & Co. KG. The three companies can utilize the factoring volumes on a variable basis up to the maximum amount of EUR 45 million. On April 5, 2011, ALNO AG signed a further factoring agreement with GE Capital Bank AG, whereby ALNO AG trade receivables are to be sold in an amount of EUR 15 million. The contract has yet to be signed by GE Capital Bank AG, since certain terms have yet to be satisfied. Once this agreement has been successfully concluded, the ALNO Group will increase its previous factoring volumes with GE Capital Bank AG from EUR 45 million to EUR 60 million. The four companies should then also be able to utilize the factoring volumes on a variable basis up to the maximum amount of EUR 60 million. LIQUIDATION OF ALNO FRANCE A resolution was passed in spring 2011 to close the foreign subsidiary ALNO France S.á r.l., Cagnes-sur-Mer, France.
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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
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48 V. PRODUCTS AND PRODUCTION The A
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50 A study that ALNO AG mandated in
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52 VIII. TARGETS AND STRATEGY The p
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54 IX. FINANCIAL POSITION AND RESUL
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56 Amortization of intangible asset
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58 Revenue volumes for ALNO AG fell
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60 the period under review with the
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62 There was a significant, EUR 19.
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64 B. REPORT ON EVENTS AFTER THE BA
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66 Production of ESPRIT home kitche
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68 c. REPORT ON OPPORTUNITIES AND R
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70 Exchange rate risks Currency exc
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72 invoicing process to be fully au
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74 d. OTHER INFORMATION I. CORPORAT
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76 RELEVANT INFORMATION ON CORPORAT
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78 THE PRESIDENTIAL COMMITTEE CONSI
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80 DIRECT OR INDIRECT INTERESTS IN
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82 III. KEY CHARACTERISTICS OF THE
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85 CONSOLIDATED FINANCIAL STATEMENT
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87 CONSOLIDATED STATEMENT OF COMPRE
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89 CONSOLIDATED CASH FLOW STATEMENT
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91 NOTES TO THE CONSOLIDATED FINANC
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93 2. AMENDMENTS TO ACCOUNTING METH
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95 • Improvements to IFRSs 2010:
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97 • IFRS 13 - Fair Value Measure
Page 101 and 102: 99 Exchange rate gains and losses a
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
Page 151: 149 The item relating to auditing s
Page 155 and 156: 153 P. DECLARATION OF CONFORMITY PU
Page 157 and 158: 155 Without qualifying this opinion
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100 % FUTURE - ALNO

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