2011 annual report - ALNO

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112Consolidated financial statements | Related persons and companiesI. Related persons andcompaniesAssociated persons and companies are defined as personsor business entities which can be controlled by thereporting company, insofar as they are not already includedin the consolidated financial statements as consolidatedcompanies, or which can directly or indirectly exercisecontrol over the reporting company.Business relations are as follows:Persons concerned Major shareholders Joint ventures Other related companiesBusiness relationship2011in '000 EUR2010in '000 EUR2011in '000 EUR2010in '000 EUR2011in '000 EUR2010in '000 EURPurchased goods and services 84,725 95,621 0 0 371 0Interest paid 3,188 2,595 0 0 116 0Interest received 0 0 0 101 0 0Other expense 3 7 0 0 3,054 0Other income 0 0 0 0 25,000 0Financial accounts receivable andtrade accounts receivable 0 0 249 2,311 0 0Financial liabilities 389 1,455 0 0 29,009 0Trade accounts payable and otherliabilities 24,992 50,626 0 0 18 0Interest rate6.5% or 9%or Euribor+9%6.5% or 9% orEuribor +9% 3 % 3 %6.5% p.a.plus 3.5% riskpremiumn/aMajor shareholders with whom business relations aredirectly maintained are: Küchen Holding GmbH, Munich(parent company), are IRE Beteiligungs GmbH, Stuttgart,and indirectly: RCG International Opportunities S.à r.l.,Luxemburg, Cognis S.à r.l., Luxemburg, and BauknechtHausgeräte GmbH, Stuttgart.The joint venture concerns ALNO Middle East.The other related companies with which business relationsexist comprise Comco Holding AG, Nidau, Switzerland,Comco Finanz AG, Nidau, Switzerland, Comco ManagementGmbH, Stuttgart,and Max Müller + Partner AG, Biel,Switzerland.The figure reported for purchased goods and servicesessentially relates to the contract for delivery betweenALNO AG and Bauknecht Hausgeräte GmbH, Stuttgart.This contract governs the supply of electrical appliances tothe ALNO Group and was concluded subject to standardmarket conditions. The contract for delivery runs until 30November 2015 and also includes an interest-bearingdelinquency schedule on which interest is charged atcustomary market rates.Küchen Holding GmbH (parent company) charged feestotalling EUR 300 thousand (previous year: EUR 735 thousand)for consulting services within the framework of itsservice contract. EUR 3 thousand (previous year: EUR 207thousand) were additionally charged for further consultingservices and travel expenses of a shareholder of KüchenHolding GmbH.
Consolidated financial statements | Related persons and companies113In the previous year, major shareholders waived repaymentof sums in the amount of EUR 4,909 (including EUR 3,379thousand by the parent company Küchen Holding GmbH).This has been recognized outside profit or loss in the accumulatednet income. A further waiver of repayment wasissued by the parent company Küchen Holding GmbH inthe amount of EUR 25,000 thousand in early January 2012;this waiver will only be recognized as income in 2012. Theloans granted by major shareholders were all granted bythe parent company and run until 31 December 2011.In December 2011, Comco Holding AG, Nidau, Switzerland,took over from Bauknecht Hausgeräte GmbH, Stuttgart,the latter's trade accounts receivable from ALNOAG (change of creditor from the point of view of ALNOAG) in the amount of EUR 25,000 thousand. Due to thesubsequent waiver of repayment by Comco Holding AG,Nidau, Switzerland, at the end of 2011, this yields otherincome from derecognition of trade accounts payable inthe amount of EUR 25,000 thousand. This income is recognizedin the result from reorganization.A customary agency commission in the amount of EUR750 thousand was paid to Comco Holding AG, Nidau,Switzerland, in conjunction with the capital increase.Comco Holding AG, Nidau, Switzerland, received considerationin the amount of EUR 2,000 thousand for preparinga restructuring concept and collecting restructuring contributions.Travel expenses and mobile telephony charges inthe amount of EUR 91 thousand were additionally invoicedby this company. Comco Holding AG, Nidau, Switzerland,and Comco Finanz AG, Nidau, Switzerland, received EUR93 thousand for the provision of personnel. Remunerationof the Supervisory Board of ALNO (Switzerland) AG,Embrach, Switzerland, is accounted for by Comco HoldingAG, Nidau, Switzerland, as a corporate borrowing in theamount of EUR 120 thousand.As at year-end, Comco Holding AG, Nidau, Switzerland,had granted the ALNO Group loans totalling EUR 28,898thousand. These run until 1 April 2012, as at the balancesheet date. Interest in the amount of 6.5% p.a. plus aonce-only risk premium of 3.5% in the amount of EUR 116thousand was additionally due as per 31 December 2011.Business transactions and the emoluments of corporateofficers are listed in Section J.In conjunction with the restructuring of operations, ComcoHolding AG, Nidau, Switzerland, Comco ManagementGmbH, Stuttgart, and Max Müller + Partner AG, Biel,Switzerland, received remuneration totalling EUR 346thousand for consulting services rendered. These consultingservices were invoiced at daily rates customary on themarket. Motor-related expenses in the amount of EUR 25thousand were also charged out to ALNO AG.
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2011 annual report - ALNO

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