100 % FUTURE - ALNO

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92 In spring 2011, PwC was mandated to produce a continuation of the restructuring statement for the ALNO Group. In its (draft) updated restructuring a survey of May 13, 2011, PwC arrives at the conclusion that, from today’s perspective, the ALNO Group remains completely financed under certain preconditions, and that no change arises relating to the restructuring statement as presented in the restructuring survey of June 24, 2010. PwC nevertheless points out that the restructuring of the ALNO Group will require more time than was planned in the previous year. PwC notes that the liquidity position appears to be secured only under the following terms, and on the basis of the following assumptions, including with the liquidity-effective financial measures of the Restructuring Agreement II (in particular, the capital increase), which have already been realized: • The corporate planning that has been adjusted by PwC, including the defined effects arising from potentials, must be achieved. This requires that the measures planned by the Managing Board are implemented stringently. • Commercial credit insurers and suppliers must not implement negative changes to their payment terms compared with the current status, and/or compared with the planned level. • Local financing lines must be maintained in line with the planning. • Existing credit lines must be available beyond December 31, 2011. • The existing EUR 45 million factoring facility, and the additionally planned EUR 15 million factoring facility, must be available beyond February 28, 2012. • The financing shortfalls apparent in the August 2011 planning, as well as in the first quarter of 2012, must be met by appropriate measures (e.g. granting of supplier loans, drawing down of a new loan backed by a federal state, the issuing of a bond, or further internal measures to secure liquidity). The continuation of corporate activities on the part of ALNO AG and/or on the part of the ALNO Group depend on the aforementioned terms and assumptions occurring as planned, or being applicable as planned. The Managing Board of ALNO AG assumes that these terms and assumptions will occur as planned, or will be applicable as planned.
93 2. AMENDMENTS TO ACCOUNTING METHODS Newly applicable standards The ALNO Group observed the amended or new standards and interpretations from the IASB, for which application is mandatory in 2010 to the extent that these had been adopted by the EU. In detail, these were: • Amendments to IFRS 2 – Share-based Payment • Amendments to IFRS 3 – Business Combinations • Amendments to IFRS 5 as part of improvements of IFRS 2008 • Amendments to IAS 27 – Consolidated and Separate Financial Statements • Amendments to IAS 39 – Financial Instruments: Recognition and Measurement • IFRIC 12 – Service Concession Arrangements • IFRIC 15 – Agreements for the Construction of Real Estate • IFRIC 16 – Hedging of a Net Investment in a Foreign Operation • IFRIC 17 – Distribution of Non-cash Assets to Owners • IFRIC 18 – Transfers of Assets from Customers • Improvements to IFRS 2009 The following section details the provisions which are relevant to the ALNO Group, and their impacts on the consolidated financial statements. • Amendments to IFRS 3 – Business Combinations: This standard was subject to extensive revision as part of the convergence project (IASB and FASB). The key changes relate particularly to the introduction of an option when measuring non-controlling (minority) interests between reporting proportional identifiable net assets (the so-called purchased goodwill method), and the so-called full goodwill method, whereby the entire goodwill of the acquired company is reported, including the portion attributable to minority (non-controlling) interests. Incidental purchase costs are to be expensed immediately in the future. Further notable changes include the re-measurement of existing participating interests through profit or loss when control is obtained for the first time (step acquisitions), and the mandatory recognition of any consideration attached to the occurrence of future events. The accounting treatment of assets and liabilities resulting from business combinations before the first-time application of the new standard has not resulted in any changes to the consolidated financial statements on the basis of prospective application. • Amendments to IAS 27 – Consolidated and Separate Financial Statements: The changes result from the joint project by IASB and FASB to revise the accounting standards that apply to business combinations. The changes primarily relate to accounting for non-controlling interests (minority interests) that will participate in their full amount in future in the Group’s losses, and transactions which lead to a loss of control at a subsidiary, and for which the impact is to be recognized in income in future. Remaining interests are to be measured at fair value. The effects of the sale of participating interests which do not lead to a loss of control are, in contrast, to be taken directly to equity. First-time compliance has resulted in no changes to ALNO AG’s consolidated financial statements.
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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
Page 44 and 45: 42 GROUP MANAGEMENT REPORT OF ALNO
Page 46 and 47: 44 II. GROUP STEERING The Group is
Page 48 and 49: 46 IV. MARKET AND COMPETITIVE ENVIR
Page 50 and 51: 48 V. PRODUCTS AND PRODUCTION The A
Page 52 and 53: 50 A study that ALNO AG mandated in
Page 54 and 55: 52 VIII. TARGETS AND STRATEGY The p
Page 56 and 57: 54 IX. FINANCIAL POSITION AND RESUL
Page 58 and 59: 56 Amortization of intangible asset
Page 60 and 61: 58 Revenue volumes for ALNO AG fell
Page 62 and 63: 60 the period under review with the
Page 64 and 65: 62 There was a significant, EUR 19.
Page 66 and 67: 64 B. REPORT ON EVENTS AFTER THE BA
Page 68 and 69: 66 Production of ESPRIT home kitche
Page 70 and 71: 68 c. REPORT ON OPPORTUNITIES AND R
Page 72 and 73: 70 Exchange rate risks Currency exc
Page 74 and 75: 72 invoicing process to be fully au
Page 76 and 77: 74 d. OTHER INFORMATION I. CORPORAT
Page 78 and 79: 76 RELEVANT INFORMATION ON CORPORAT
Page 80 and 81: 78 THE PRESIDENTIAL COMMITTEE CONSI
Page 82 and 83: 80 DIRECT OR INDIRECT INTERESTS IN
Page 84 and 85: 82 III. KEY CHARACTERISTICS OF THE
Page 87 and 88: 85 CONSOLIDATED FINANCIAL STATEMENT
Page 89 and 90: 87 CONSOLIDATED STATEMENT OF COMPRE
Page 91 and 92: 89 CONSOLIDATED CASH FLOW STATEMENT
Page 93: 91 NOTES TO THE CONSOLIDATED FINANC
Page 97 and 98: 95 • Improvements to IFRSs 2010:
Page 99 and 100: 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
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143 J. RELATED PARTIES Insofar as t
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145 Further mandates exercised by S
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147 (previous year: EUR 209 thousan
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149 The item relating to auditing s
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151 to be nominated by Küchen Hold
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153 P. DECLARATION OF CONFORMITY PU
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155 Without qualifying this opinion
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100 % FUTURE - ALNO

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