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

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ConsoLidatEd FinanCiaL statEmEnts | manaGEmEnt oF FinanCiaL Risks
and the del credere liability of the central regulatory offices
in the overall amount of 90% (previous year: 90%). <strong>The</strong>
ALNO Group companies decide in each individual case
whether or not to make use of the credit insurance.
In Germany, the kitchens produced by the ALNO Group <strong>are</strong>
sold through furniture stores and specialized kitchen retailers,
as well as self-service and RTA stores, most of which
<strong>are</strong> members of purchasing associations. Around 92%
of the kitchen furniture <strong>are</strong> sold through such purchasing
associations. Due to these market structures, the ALNO
Group is dependent on a small number of customers. <strong>The</strong>
risk of default by individual key accounts, however, is met
through domestic credit insurance or del credere liability
by central regulatory offices.
<strong>The</strong> risk of default for unimpaired financial assets and the
development of specific valuation allowances <strong>are</strong> summarized
in section D.6. "Trade accounts receivable".
5. lIquIdITY rIsKs
<strong>The</strong> liquidity risk refers to the risk that the Group is unable
to meet its contractual obligations in settling its financial
liabilities.
ALNO AG acts as financial coordinator for all Group
companies in order to ensure that the financing required
for the operational business is always adequate and as
cost-efficient as possible. <strong>The</strong> information required for this
purpose is updated on a monthly basis through roll-over
financial planning with a planning horizon of one year and
subjected to variance analyses.
This financial planning is supplemented by daily cash flow
development planning which is constantly reconciled with
the actual payment flows for the German companies.
<strong>The</strong> foreign subsidiaries <strong>are</strong> updated on a monthly basis.
Available liquidity reserves <strong>are</strong> monitored constantly by
ALNO AG.
in '000 EUR
Other financial liabilities
<strong>The</strong> volume of external financing required is reduced by
the intra-Group financial adjustment undertaken in Germany
within the framework of the cash pooling process, taking
into account statutory regulations also from the point of
view of the subsidiaries, thus improving the Group's nonoperating
result. Through this internal financial adjustment,
the surplus liquidity of individual Group companies can be
used to internally finance other Group companies. Cash
pooling is controlled manually.
Accounts receivable by Wellmann KG, as well as by Impuls
and Pino, have in the past been assigned within the scope
of factoring agreements in order to extend the liquidity
margin needed by the ALNO Group. <strong>The</strong> three companies
can make variable use of total factoring commitments in
the amount of EUR 41,000 thousand. Of this total, EUR
23,291 thousand (previous year: EUR 25,002 thousand)
were used on average over the year.
<strong>The</strong> table below presents the contractually agreed interest
payments and principal portions of the financial liabilities.
All liabilities which were included in the portfolio on the
closing date and for which payments had already been
contractually agreed have been included. <strong>The</strong> waiver of
repayment which was contractually agreed with a major
sh<strong>are</strong>holder in 2011 and realized in early January 2012
with regard to accounts payable to banks in the amount
of EUR 25 million has already been included in the following
calculation. Budgeted figures for new liabilities in
the future <strong>are</strong> not included in the calculation. Amounts in
foreign currency have been translated at the rate prevailing
on the reporting date. Variable interest payments have
been calculated on the basis of the last interest rates fixed
prior to the balance sheet date. Financial liabilities which
can be repaid at any time <strong>are</strong> always assigned to the
earliest possible time frame. Interest has been calculated
for 195 days, as financing is assured until 15 July 2012,
as at the balance sheet date.
Carrying amount
31.12.2011
Due in
2012 2013 – 2016 2017 or later
Accounts payable to banks 79,757 46,673 7,548 7,726
Other financial liabilities 29,807 30,257 0 0
Trade accounts payable and other financial liabilities 86,884 86,824 60 0
Sh<strong>are</strong>holder loans 365 420 0 0
Warranty obligations 0 273 0 0