100 % FUTURE - ALNO

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154 AUDIT OPINION We have audited the consolidated financial statements prepared by ALNO Aktiengesellschaft, Düsseldorf, comprising the consolidated income statement, consolidated statement of comprehensive income, consolidated balance sheet, consolidated cash flow statement, consolidated statement of changes in equity, and the notes to the consolidated financial statements, together with the group management report, which has been combined with the management report of the company, for the fiscal year from January 1 to December 31, 2010. The preparation of the consolidated financial statements and the group management report in accordance with IFRSs as adopted by the EU, and the additional requirements of German commercial law pursuant to Section 315a (1) HGB [“Handelsgesetzbuch”: German Commercial Code] is the responsibility of the Company’s management. Our responsibility is to express an opinion on the consolidated financial statements and on the group management report based on our audit. We conducted our audit of the consolidated financial statements in accordance with Section 317 HGB [“Handelsgesetzbuch”: German Commercial Code] and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (Institute of Public Auditors in Germany [IDW]). Those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the consolidated financial statements in accordance with the applicable financial reporting framework and in the group management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Group and expectations as to possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the consolidated financial statements and the group management report are examined primarily on a test basis within the framework of the audit. The audit includes assessing the annual financial statements of those entities included in consolidation, the determination of entities to be included in consolidation, the accounting and consolidation principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and the group management report. We believe that our audit provides a reasonable basis for our opinion. Our audit has not led to any reservations. In our opinion, based on the findings of our audit, the consolidated financial statements comply with IFRSs as adopted by the EU and the additional requirements of German commercial law pursuant to Section 315a (1)HGB [“Handelsgesetzbuch”: German Commercial Code], and give a true and fair view of the net assets, financial position and results of operations of the Group in accordance with these requirements. The group management report is consistent with the consolidated financial statements and as a whole provides a suitable view of the Group’s position and suitably presents the opportunities and risks relating to future development.
155 Without qualifying this opinion, we refer to the fact that negative equity of EUR 69,722 thousand is recorded in the consolidated balance sheet of ALNO Aktiengesellschaft – in contrast to the separate financial statements – due to losses incurred. In addition, we refer to the discussions in the group management report, which has been combined with the company’s management report. Section “b. Report on events after the balance sheet date” states that the ALNO Group’s ability to continue as a going concern depends on whether the listed conditions and assumptions – reaching budgeted targets, maintaining or extending financing at current terms, closing anticipated financing gaps – materialize or apply as planned. Ravensburg, May 30, 2011 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft Nover Wirtschaftsprüfer (German Public Auditor) Prüsse Wirtschaftsprüfer (German Public Auditor) RESPONSIBILITY STATEMENT OF ALNO AG PURSUANT TO SECTION 297 (2) CLAUSE 4 OF THE GERMAN COMMERCIAL CODE (HGB) RELATING TO THE CONSOLIDATED FINANCIAL STATEMENTS AND SINGLE- ENTITY AND GROUP MANAGEMENT REPORTS FOR THE 2010 FISCAL YEAR: To the best of our knowledge, and in accordance with the applicable accounting principles for interim reporting, the consolidated financial statements give a true and fair view of the assets, financial position and profit or loss of the Group, and the interim Group management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group. Düsseldorf, May 30, 2011 ALNO Aktiengesellschaft The Managing Board
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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
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99 Exchange rate gains and losses a
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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 and 152: 149 The item relating to auditing s
Page 153 and 154: 151 to be nominated by Küchen Hold
Page 155: 153 P. DECLARATION OF CONFORMITY PU
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100 % FUTURE - ALNO

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