The good prospects are based on the all-embracing ... - ALNO AG

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ConsoLidatEd FinanCiaL statEmEnts | notEs to thE ConsoLidatEd statEmEnt oF FinanCiaL position
unchanged. This was offset by the reduction of EUR 2,266
thousand in inventories and the decline of EUR 2,558 thou-
sand in current other assets. Overall, net financial liabilities
in relation to total assets rose from 53.0% to 67.4%.
After adjustment for the waiver of repayment which was
only realized on 6 January 2012, net financial liabilities
would have declined from 53.0% to 51.8%, as shown
below:
in '000 EUR 31.12.2011
Sh<strong>are</strong>holder loans and other
financial liabilities
Waiver of
repayment 6.1.2012
Non-current 10,482 10,482
Current 99,447 – 25,000 74,447
109,929 – 25,000 84,929
Minus liquid assets – 2,243 – 2,243
Net financial liabilities 107,686 – 25,000 82,686
Total assets 159,670 159,670
Net financial liabilities in % of
total assets 67.4 51.8
<strong>The</strong> sh<strong>are</strong>holders' equity for ALNO AG presented in the
single-entity financial statement as at 31 December 2011
in accordance with the German Commercial Code (HGB)
totals EUR 26,209 thousand (previous year: EUR 31,279
thousand). This reduction of EUR 5,070 thousand in equity
is due, on the one hand, to the net loss for the year in the
amount of EUR 31,165 thousand. This is countered by the
capital increase totalling EUR 26,095 thousand undertaken
in the financial year 2011. Sh<strong>are</strong>holders' equity according
to the German Commercial Code (HGB) has now improved
significantly following a sh<strong>are</strong>holder's waiver of repayment
in the amount of EUR 25,000 thousand in early January
2012. Changes in equity <strong>are</strong> monitored by ALNO AG on a
monthly basis.
11. ProvIsIoNs for PeNsIoNs
<strong>The</strong> ALNO Group's company pension scheme is essentially
<strong>based</strong> on direct, defined-benefit pension commitments.
As a rule, pensions <strong>are</strong> calculated according to the
employee's period of service and pensionable earnings.
<strong>The</strong> aforementioned commitments <strong>are</strong> measured on the
basis of actuarial assessments. <strong>The</strong>se assessments <strong>are</strong>
<strong>based</strong> on the applicable legal, economic and tax conditions
in the country concerned. Valuation parameters were
specifically applied for the countries concerned.
Provisions <strong>are</strong> measured according to the present value of
entitlement (Projected Unit Credit Method) in compliance
with IAS 19, taking into account the future development.
A discount rate of 4.8% or 5.4% (previous year: 5.4%)
is applied in Germany, which accounts for over 99.8%
(previous year: 99.9%) and hence the lion's sh<strong>are</strong> of the
provision. <strong>The</strong> discount rate abroad equals 4.8% (previous
year: 5.4%).
In Germany, existing commitments <strong>are</strong> measured with a
rise of 0.0% (previous year: 1.0%) in wages and salaries
and an average pension trend of 1.0% or 1.5% (previous
year: 1.0% and 1.5%). Higher loans and salaries <strong>are</strong>
not expected abroad. Pensions abroad <strong>are</strong> assumed to
increase by 5.0% (previous year: 5.0%) on average. Staff
fluctuation is calculated for each specific plant and is set at
0.0% (previous year: 0.0% or 1.0%) in Germany. A fluctuation
rate of 2.1% (previous year: 3.6%) is expected abroad.
Expected earnings from plan assets <strong>are</strong> calculated with an
interest rate of 4.2% in Germany and 3.4% abroad (previous
year: 4.2% and 3.4%, respectively). <strong>The</strong> expected
income from plan assets corresponds to the average return
on non-current investments on which the plan assets <strong>are</strong>
<strong>based</strong>. Actual income from plan assets amounted to EUR
23 thousand (previous year: EUR 140 thousand).
In other countries, the plan assets comprise non-current
investments in life insurance; in Germany, the plan assets
<strong>are</strong> centrally invested through Allianz Global Investors.
<strong>The</strong> plan assets posted in the balance sheet <strong>are</strong> not used
by the company.