100 % FUTURE - ALNO

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96 • IFRS 9 – Financial Instruments: Classification and Measurement: The IASB prepared this standard as the first part of the project to extensively rework accounting for financial instruments. It includes new regulations for the classification and measurement of financial assets and liabilities. This stipulates that financial assets are either to be carried at amortized cost or recognized at fair value through profit or loss. Equity instruments must always be carried at fair value. When they are acquired, however, there is the option to recognize fluctuations in the value of equity instruments under equity. In this case, only dividend income is recognized through profit or loss. At present, the consolidated financial statements take changes in the value of securities carried at fair value (debt instruments) directly to equity. As a result of changes from IFRS 9, these changes in value will have to be recognized through profit or loss after IFRS 9 has come into effect. Due to the minor extent of the changes in value previously taken directly to equity, application of the new standard will not have a material impact on ALNO AG’s consolidated financial statements. On October 28, 2010, the IASB published IFRS 9 expanded to include financial liabilities. The basic model entails as far as possible measuring all financial liabilities at amortized cost. Measurement at fair value through profit or loss is now envisaged only for derivatives evidencing liabilities on the part of the accounting company. IFRS 9 gives rise to significant changes particularly in the area of the fair value option for financial liabilities. Since the ALNO Group does not exercise this option, the application of the new standard is not anticipated to have any impact on ALNO AG’s consolidated financial statements. • IFRS 10, 11 and 12 – New regulations relating to consolidation: On May 12, 2011, the IASB published three new standards with IFRS 10, 11 and 12, and to revise standards with IAS 27 and 28, relating to the accounting treatment of corporate combinations, which are applicable from 2013. IFRS 10 is the result of the “Consolidation” project, and will replace the consolidation principles in IAS 27 and SIC-12. IAS 27 continues to contain the regulations applicable to separate financial statements. IFRS 10 focuses on the introduction of a standard consolidation model for all companies that are based on control of subsidiaries by the parent company. As a consequence, the concept of control is applicable both to parent-subsidiary relationships based on voting rights, and to parentsubsidiary relationships resulting from other contractual agreements. As a result, the concept of control is to be applied in the future to special purpose entities that are currently consolidated according to the so-called risk and reward concept. IFRS 11 results from the “Joint Ventures” project, and will replace IAS 31. Proportional consolidation will be discontinued with the cancellation of the IAS 31. Parallel modifications to terminology and classification are to be taken into account, as a consequence of which not all joint ventures currently consolidated on a proportional basis are to be accounted for using the equity method in the future. The equity method is applied using the IAS 28 regulations adjusted to reflect the subsequent modifications. IFRS 12 aggregates the revised disclosure requirements for IAS 27 and IFRS 10, IAS 31 and IFRS 11, and IAS 28, into one standard. It is currently being investigated whether the inclusion of special purpose entities changes as a result of the new regulations. The discontinuation of proportional consolidation for joint ventures will have no effects on the consolidated financial statements, sent joint ventures are already including using the at-equity method.
97 • IFRS 13 – Fair Value Measurement: This new standard concludes the project to create a uniform and comprehensive measurement standard. IFRS 13 regulates how fair value is to be measured to the extent that another IFRS prescribes fair value measurement (or fair value disclosure). IFRS 13 does not regulate what is to be measured at fair value. A new fair value definition is applicable that characterizes the fair value as the disposal price of an actual or hypothetical transaction between any given independent market participants under normal market conditions. This standard is almost comprehensively applicable. Only IAS 17 and IFRS 2 are excluded. While the scope of these regulations is almost unchanged for financial instruments, other items such as investment property, intangible assets, and property, plant and equipment, are now regulated more comprehensively and more precisely. As far as financial instruments are concerned, market and credit risk effects can now be included in fair value at the netted level of a portfolio if their connection is demonstrable. The three-level fair value hierarchy that is already well known is to be applied comprehensively. In the case of “declining market activities” (previously “inactive markets”), two examination steps are now to be performed. In other words, to determine whether (a) trading activities have diminished, and (b) whether actual transactions were not in line with the market – the market price may only be diverged from if both of these factors are given. The changes relating to the consolidated financial statements are currently being investigated. • Amendment to IFRS 7 – Financial Instruments: Disclosures This amendment to IFRS 7 envisages additional disclosures for transactions that entail a transfer of financial assets. These particularly focus on residual risks remaining with the transferring party. Further-reaching disclosure requirements also arise for reporting periods at the end of which a disproportionately high number of transfers occur. The first-time application of these amendments will result in effects on disclosures in the notes to the consolidated financial statements to the extent that financial assets are transferred, and the risks and opportunities connected with the ownership of these assets remain at least partially within the Group. 3. CONSOLIDATION PRINCIPLES Consolidated group The ultimate group company is ALNO AG, which is entered in the commercial register of the Düssel dorf Local Court (HRB 64224). The consolidated financial statements of ALNO AG as of December 31, 2010, include ALNO AG and eleven German and three (previous year: eight) foreign companies according to the principles of full consolidation. ALNO AG either directly or indirectly holds a 100 % interest in these companies, with the exception of the special purpose entities. Five foreign companies were liquidated in 2010. ALNO Austria Möbelvertriebsgesellschaft m.b.H., Wiener Neudorf / Austria was liquidated on July 28, 2010. ALNO IBERICA S.A., Madrid / Spain, was liquidated on September 20, 2010, and ALNO NEDERLAND B.V., Dongen / Netherlands was liquidated on September 30, 2010. The subsidiary ALNO BELGE N.V., Deinze / Belgium was liquidated on December 9, 2010, and the subsidiary ALNO ITALIA s.r.l., Florence/Italy was liquidated on December 27, 2010. The intention is that the foreign markets affected will now be supplied directly by the German production companies. These companies’ income and expenses were included in the consolidated income statement until the date when they were liquidated. The expected costs were also fully reported, particularly those for the release of personnel. There were no deconsolidation gains / losses. According to IAS 27 in combination with SIC 12, two special purpose entities are fully consolidated. This is unchanged year-on-year. ALNO AG enjoys economic control of these enterprises. ALNO Middle East FZCO, Dubai, UAE, (ALNO Middle East), (equity interest: 50 %) is included in the consolidated financial statements using the equity method.
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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
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 and 94: 91 NOTES TO THE CONSOLIDATED FINANC
Page 95 and 96: 93 2. AMENDMENTS TO ACCOUNTING METH
Page 97: 95 • Improvements to IFRSs 2010:
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
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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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