100 % FUTURE - ALNO

60
the period under review with the successful placing of the capital increase, and the conclusion of
a further restructuring agreement (please see “B. Report on events after the balance sheet date”).
Non-current liabilities amounted to EUR 34.9 million as of the end of 2010, compared with EUR 36.8
million. Pension provisions rose from EUR 16.2 million to EUR 17.0 million due to general interest-rate
adjustments. Other non-current financial liabilities, which primarily include bank borrowings, fell from
EUR 14.1 million as of December 31, 2009 to EUR 13.1 million.
Current liabilities, by contrast, were reduced from EUR 199.4 million to EUR 192.5 million. Among
other factors, this was due to a loan waiver on the part of the four consortium banks in an amount of
EUR 10.0 million. Other financing liabilities fell in this connection from EUR 87.4 million to EUR 73.1
million. The largest item in this context reflects bank borrowings of EUR 67.7 million (previous year:
EUR 80.3 million). Current trade payables and other liabilities increased from EUR 102.0 million to
EUR 111.1 million due to the greater utilization of supplier loans over the course of 2010.
Liquidity and financial position
Cash flow from operating activities amounted to EUR 11.5 million in 2010, compared with EUR 21.2
million in the previous year. This was particularly due to the lower balance on interest payments,
and the financial result.
Net funds of EUR 14.3 million were deployed for investments (previous year: EUR 16.0 million),
which were almost fully attributable to investments in property, plant and equipment.
Cash flow from financing activities stood at EUR 2.5 million (previous year: EUR – 5.3 million). This
item is mainly composed of inflows from capital increases (EUR 10.0 million), and from the drawing
down of financial liabilities (EUR 1.5 million). This was offset by the redemption of financial liabilities
(EUR – 7.5 million), and outgoing payments for financing costs (EUR – 1.5 million).
CHANGES IN NET DEBT
There was a further decrease in the net debt at the ALNO Group (other financial liabilities and
shareholder loans less cash and cash equivalents) as of December 31, 2010 compared with the
previous year’s reporting date due to the successful realization of the two capital increases. Net
debt stood at EUR 83.5 million, compared with EUR 104.4 million at the end of the 2009 fiscal
year. There will be a further significant reduction in net debt in 2011 with the recent restructuring
package that was agreed following the end of 2010.
31/12/2010
In EUR
31/12/2009
In EUR
Change in
EUR thousand
Change in
percent
Shareholder loans and other financial liabilities
non-current 13,057 14,129 – 1,072 – 7.6
current 73,495 93,122 – 19,627 – 21.1
86,552 107,251 – 20,699 – 19.3
Less cash and cash equivalents – 3,041 – 2,857 – 184 – 6.4
83,511 104,394 – 20,883 – 20.0