2011 annual report - ALNO

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122 Consolidated financial statements | Earnings per shareThe continuation of business activities by ALNO AG andthe ALNO Group depends on timely implementation of theaforementioned measures in the capitalization and financialconcept as planned, and on whether or not the conditionsand assumptions made in the corporate planning are metor apply as planned. The Board of Management of ALNOAG presumes that the aforementioned measures in thecapitalization and financial concept will be implemented onschedule as planned, and that the conditions and assumptionsmade in the corporate planning will be met or applyas planned.P. Earnings per shareThe earnings per share are obtained by dividing the netconsolidated income accruing to the shareholders by aweighted number of issued shares. There was no dilutingeffect due to so-called potential shares in either the yearunder review or the previous year.in '000 EUR 2011 2010Consolidated loss – 25,561 – 13,084Third-party shares 0 0O. Declaration of compliancepursuant to Section 161 ofthe Stock Companies Act(AktG)The declaration of compliance with the recommendationsof the "Government Commission on the German CorporateGovernance Code" and Section 161 of the Stock CompaniesAct (AktG) was reviewed and re-issued by the Boardof Management and Supervisory Board on 30 September2011. The declaration is permanently accessible to shareholderson the company's website and reprinted in theGroup management report 2011.In accordance with Section 3.10 of the German CorporateGovernance Code, the Board of Management and SupervisoryBoard of ALNO AG report on the ALNO Group'scorporate governance in the Annual Report for the financialyear ending 31 December 2011. Information on the basicprinciples of the system of remuneration for the Boardof Management can be found in Section K. "SupervisoryBoard and Board of Management".Number of shares in thousands(weighted average) 24,617 16,877Earnings per share in EUR – 1.04 – 0.78Pfullendorf, 11 June 2012ALNO AktiengesellschaftBoard of ManagementMAX MüllerChief Executive Officer of ALNO AGIPEK DEMIRTASChief Financial OfficerElmar DuffnerChief Operations Officer
Consolidated financial statements | Auditor's report123Auditor's reportWe have audited the consolidated financial statementsprepared by ALNO Aktiengesellschaft, Pfullendorf, whichcomprise the income statement, statement of comprehensiveincome, balance sheet, cash flow statement,statement of changes in equity and the notes to theconsolidated financial statements, as well as the Groupmanagement report which has been combined with themanagement report of the company, for the financial yearfrom 1 January to 31 December 2011. The company'sstatutory representatives are responsible for preparing theconsolidated financial statements and Group managementreport in accordance with International FinancialReporting Standards, as adopted by the EU, and theadditional requirements of German commercial law pursuantto Section 315a (1) of the German CommercialCode (HGB). Our responsibility is to express an opinionon these consolidated financial statements based on ouraudit.We conducted our audit in accordance with Section 317 ofthe German Commercial Code (HGB) and German generallyaccepted standards for auditing financial statementspromulgated by the Institut der Wirtschaftsprüfer (Instituteof Public Auditors in Germany) (IDW.) We are thereforerequired to plan and perform the audit in such a way thaterrors and violations significantly affecting presentation ofthe company's net assets, financial position and resultsof operations as conveyed by the consolidated financialstatements in compliance with the applicable accountingstandards and by the Group management report can bedetected with reasonable assurance. Knowledge of theGroup's business activities, its economic and legal environmentand expectations in respect of possible misstatementshave been taken into account when defining theaudit procedures. The effectiveness of the internal controlsystem relevant for accounting and evidence supportingthe disclosures in the consolidated financial statementsand Group management report is primarily assessed onthe basis of spot checks during the audit. The audit alsoincludes evaluating the annual financial statements of thecompanies included in the consolidated financial statements,the defined scope of consolidation, the recognitionand consolidation principles applied and the main accountingestimates made by the Group's statutory representatives,as well as evaluating the overall presentation of theconsolidated financial statements and Group managementreport. We are of the opinion that our audit provides asufficiently sound basis for our evaluation.Our audit has not led to any reservations.In our opinion, based on the findings of our audit, the consolidatedfinancial statements comply with the InternationalFinancial Reporting Standards as adopted by the EU, andthe additional requirements of German commercial lawpursuant to Section 315a (1) of the German CommercialCode (HGB) and give a true and fair view of the Group'snet assets, financial position and results of operations.The Group management report is consistent with theconsolidated financial statements, as a whole provides asuitable view of the Group’s position and suitably presentsthe opportunities and risks of future development.Without restricting this assessment, we must point out that– in contrast to the single-entity financial statement – theconsolidated balance sheet of ALNO Aktiengesellschaftreports negative equity in the amount of EUR 73,344 thousandas a result of accumulated losses. Attention is alsodrawn to the information in the Group management report,which has been combined with the separate managementreport for the company. This report states, in sections "b.Events after the reporting period" and "c. I. Opportunityand risk report", that the ALNO Group's continuation asa going concern depends on the measures outlined inthe Group management report in conjunction with itscapitalization and financial concept be implemented onschedule as planned and that the conditions and assumptionsunderlying the corporate planning be met or applyas planned. In particular, a further restructuring agreementmust be concluded by 20 July 2012 and major partsthereof must be implemented so that the liquidity gapsotherwise existing in the company's current corporate andliquidity planning can be met from 21 July 2012 onwards.Ravensburg, 11 June 2012Ernst & Young GmbHAuditorsNoverPrüsseAuditorAuditor
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2011 annual report - ALNO

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