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

More documents

Recommendations

Info

108 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
in '000 EUR Other financial liabilities Carrying amount 31.12.2010 Due in 2011 2012 – 2015 2016 or later Accounts payable to banks 80,798 72,840 10,226 8,621 Other financial liabilities 5,389 5,739 0 0 Trade accounts payable and other financial liabilities 101,770 101,688 82 0 Sh<strong>are</strong>holder loans 365 399 0 0 Accounts payable under finance leases 49 52 0 0 Warranty obligations 0 406 0 0 With regard to the measures taken to assure the com- pany's continuation as a going concern and to assure its liquidity, we refer to the information provided in Sections B.1. "Basis for preparation of the financial statements" and N. "Events after the closing date". 6. o<strong>The</strong>r INforMaTIoN oN fINaNCIal asseTs aNd lIaBIlITIes <strong>The</strong> following table presents the carrying amounts and fair values of all financial assets and liabilities recognized in the Group. in '000 EUR 31.12.2011 31.12.2010 Financial assets Carrying amount Fair value Carrying amount Fair value Liquid assets LaR 2,243 2,243 3,041 3,041 Trade accounts receivable LaR 41,339 41,339 32,996 32,996 Financial accounts receivable LaR 1,319 1,319 2,665 2,665 Securities AfS 3,163 3,163 3,426 3,426 Investments in associated companies AfS 5 * 5 * Financial liabilities Trade accounts payable FLaC 62,168 62,168 80,396 80,396 Other financial liabilities FLaC 24,716 24,716 21,325 21,325 Accounts payable under finance leases ** 0 0 49 49 Sh<strong>are</strong>holder loans FLaC 365 365 365 365 Other financial liabilities FLaC 109,564 109,564 86,187 86,187 * Fair value cannot be determined reliably. ** Not a category defined by IAS 39. ConsoLidatEd FinanCiaL statEmEnts | manaGEmEnt oF FinanCiaL Risks 109
Page 1 and 2:
2011 annual report
Page 3 and 4:
The Alno brAnds <s
Page 5:
Enthusiasm and passion Consolidated
Page 8 and 9:
6 histoRy histoRy 1927 1927 Albert
Page 10 and 11:
8 to ouR shaREhoLdERs | LEttER FRom
Page 12 and 13:
10 to ouR shaREhoLdERs | LEttER FRo
Page 14 and 15:
12 to ouR shaREhoLdERs | BoaRd oF m
Page 16 and 17:
14 to ouR shaREhoLdERs | REpoRt oF
Page 18 and 19:
Page 20 and 21:
Page 22 and 23:
20 to ouR shaREhoLdERs | aLno shaRE
Page 24 and 25:
22 Consolidated finanCial statement
Page 26 and 27:
24 sinGLE-Entity and GRoup manaGEmE
Page 28 and 29:
Page 30 and 31:
Page 32 and 33:
Page 34 and 35:
Page 36 and 37:
Page 38 and 39:
Page 40 and 41:
Page 42 and 43:
Page 44 and 45:
Page 46 and 47:
Page 48 and 49:
Page 50 and 51:
Page 52 and 53:
Page 54 and 55:
Page 56 and 57:
Page 58 and 59:
Page 60 and 61: 58 sinGLE-Entity and GRoup manaGEmE
Page 62 and 63: 60 Consolidated finanCial statement
Page 64 and 65: 62 ConsoLidatEd FinanCiaL statEmEnt
Page 102 and 103: 100 ConsoLidatEd FinanCiaL statEmEn
Page 126 and 127: 124 dECLaRation By thE statutoRy RE
Page 128: ALNO Aktiengesellschaft 88630 Pfull
show all

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

Create successful ePaper yourself

Delete template?

Save as template?