2011 annual report - ALNO

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40 SINGLE-ENTITY AND GROUP MANAGEMENT REPORT | Economic reportWellmann segment2011millionEUR2010million EURChange overprev. year,million EURChange overprev. yearin %Net revenue 135.7 137.6 – 1.9 – 1.4Gross profit 51.7 57.7 – 6.0 – 10.4Gr. profit in % 38.1 42.0EBITDA – 12.6 – 1.6 – 11.0
SINGLE-ENTITY AND GROUP MANAGEMENT REPORT | Economic report41Current liabilities rose from EUR 192.5 million to EUR 200.2million, as the takeover of trade accounts payable and thesubsequent waiver by Comco Holding AG for repaymentof EUR 25.0 million was offset by the increase in tradeaccounts payable. After adjustment for the takeover ofaccounts payable to banks already mentioned above andafter adjustment for the waiver of repayment effected inearly 2012, current liabilities were EUR 17.3 million lower,at EUR 175.2 million.Liquidity and financial positionThe net cash flow for operating activities shows a cashoutflow of EUR -3.3 million in the year under review (previousyear: cash inflow of EUR 11.5 million). This considerabledecrease was primarily attributable to the higherconsolidated loss which includes income without impacton the cash flow resulting from the waiver by Comco HoldingAG for repayment of EUR 25.0 million, as well as tolower utilization of the factoring volume, which are bothoffset by higher liabilities. Investment activities resulted in acash outflow of EUR 17.1 million in the year under review,as compared to EUR 14.3 million in the previous year. Thisincrease is essentially attributable to higher investments inbooth design and installation of display kitchens. The EUR17.6 million increase in cash flow for financing activities isprimarily attributable to the capital increase of EUR 26.1million undertaken in 2011. With regard to the measurestaken to assure the company's continuing operation as agoing concern and its liquidity, we refer to the report onevents after the reporting period, as well as to the goingconcern information in section B.1. of the Notes "Basis forpreparation of the financial statements".Development of net debtThe net amount of debt owed by the ALNO Group (otherfinancial liabilities and shareholder loans minus liquidassets) was EUR 24.2 million higher as per 31 December2011 than on the previous year's closing date. It totalledEUR 107.7 million as compared to EUR 83.5 as per 31December 2010. This is due firstly to the waiver by ashareholder for repayment of EUR 25 million in January2012, i.e. after the closing date, and secondly to convertingtrade accounts payable into financial liabilities in theamount of EUR 28.9 million.31.12.2011in '000 EUR31.12.2010in '000 EURChangein '000 EURChangein %Shareholder loans and other financial liabilitiesNon-current 10,482 13,057 – 2,575 – 19.7Current 99,447 73,495 25,952 35.3109,929 86,552 23,377 27.0Minus liquid assets – 2,243 – 3,041 798 26.2107,686 83,511 24,175 28.9Shareholder loans andother financial liabilities31.12.2011in '000 EURWaiver ofrepaymentin '000 EUR6.1.2012in '000 EURAfter adjustment for the waiver of repayment madein early 2012, the net amount of debt owed equalsEUR 82.7 million or EUR 0.8 million less than in the previousyear.Non-current 10,482 10,482Current 99,447 – 25,000 74,447109,929 – 25,000 84,929Minus liquid assets – 2,243 – 2,243107,686 – 25,000 82,686
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ALNO Aktiengesellschaft88630 Pfulle
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2011 annual report - ALNO

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