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

N. Events after the closing date
WaIver of rePaYMeNT
In early January 2012, Küchen Holding GmbH, Munich,
took over the syndicate banks' loans receivable from the
ALNO Group (change of creditor from the vantage of ALNO
AG) in the amount of EUR 25 million. Küchen Holding
GmbH subsequently waived repayment of the assumed
receivables effective 6 January 2012. This relieves short-
term financial liabilities in the amount of EUR 25 million
without effect on net income, as Küchen Holding GmbH
has acted in its capacity as sh<strong>are</strong>holder.
TerMINaTIoN of <strong>The</strong> voTING aGreeMeNT
<strong>The</strong> voting agreement between IRE Beteiligungs GmbH,
Stuttgart, and Küchen Holding GmbH, Munich, both of
which <strong>are</strong> major sh<strong>are</strong>holders in ALNO AG, was terminated
on 30 January 2012. Küchen Holding GmbH is therefore
formally no longer majority sh<strong>are</strong>holder of ALNO AG. IRE
Beteiligungs GmbH, Stuttgart, belongs to the Whirlpool
Group <strong>based</strong> in Michigan, USA, through Bauknecht
Hausgeräte GmbH, Stuttgart. In recent years, Küchen
Holding GmbH and Bauknecht/Whirlpool have formed a
community of investors within the sh<strong>are</strong>holder structure
of ALNO AG. Through the voting agreement, the voting
rights of Bauknecht/Whirlpool in ALNO AG were assigned
to Küchen Holding. This made Küchen Holding GmbH
the majority sh<strong>are</strong>holder in ALNO AG. Now, following the
reallocation of voting rights, there is no longer a majority
sh<strong>are</strong>holder in ALNO AG. Bauknecht/Whirlpool intend to
exercise their voting rights directly in future. Both Bauknecht/Whirlpool
and Küchen Holding GmbH continue to see
their involvement in ALNO AG as a long-term investment.
audIeNCe aWard for <strong>The</strong> CeraMIC KITCheN
alNosTar Cera
ALNO's new ceramic product line won the distinction
"Excellent Product" in the consumer competition "Kitchen
Innovation of the Year 2012" by the LifeC<strong>are</strong> initiative,
as well as the "Golden Award – Best of the Best" in the
category "Kitchen furniture and equipment". <strong>The</strong> award
conferred by the independent LifeC<strong>are</strong> initiative is a mark
of quality for products meeting consumer needs to a particularly
high degree and was given to the ALNOSTAR
CERA kitchen for its functionality, product benefits, innovation,
design and sustainability. <strong>The</strong> award is internationally
recognized and appreciated as a mark of quality on
account of its consumer orientation.
ConsoLidatEd FinanCiaL statEmEnts | EvEnts aFtER thE CLosinG datE
ChaNGes IN <strong>The</strong> Board of MaNaGeMeNT
Sales Director Christoph Fughe retired from the Board of
Management of ALNO AG by mutual consent on 29 February
2012; this was decided by the Supervisory Board at its
meeting on 17 February 2012. Christoph Fughe became a
member of the Board of Management in April 2011 and was
finally responsible for "Sales Germany" and "Sales Austria".
After retiring from the Board of Management, Christoph
Fughe continued to serve the company in an advisory
capacity and for special tasks until 31 May 2012. <strong>The</strong> Board
of Management of ALNO AG now once again comprises
three members. <strong>The</strong> duties have also been reallocated.
In addition to his previous tasks (including corporate development,
auditing, law and quality management), Max Müller
is now also tasked with "purchasing" and "logistics" which
formerly belonged to the <strong>are</strong>a for which Elmar Duffner
is responsible. <strong>The</strong> <strong>are</strong>as formerly tasked to Christoph
Fughe, namely "Sales Germany" and "Sales Austria", have
been assigned to Elmar Duffner, whose responsibilities
include production, exports, product development and
marketing / PR).
fouNdaTIoN of a NeW suBsIdIarY IN <strong>The</strong> usa
A new subsidiary was set up in 2012 with the name ALNO
USA Corporation <strong>based</strong> in New York. Lothar Birkenfeld, a
kitchen manager with considerable experience of the US
market, was appointed managing director.
aCquIsITIoN of aN alNo PreMIuM dealer IN <strong>The</strong> uNITed
KINGdoM
ALNO UK Ltd., Dewsbury, United Kingdom, acquired the
ALNO premium dealer Built-In Kitchens Ltd., Sevenoaks,
United Kingdom, in April 2012 in conjunction with the
expansion of its export business.
rulING IN <strong>The</strong> laWsuIT aGaINsT JörG deIsel
<strong>The</strong> 2nd court division handling commercial matters
at Düsseldorf Regional Court issued a judgement in
the lawsuit between ALNO AG and its former Chief
Executive Officer Jörg Deisel on 10 May 2012. This judgement
confirms the legal opinion upheld by ALNO AG,
according to which the premature renewal of his management
contract until 2015 is invalid. In a provisional
judgement in summary procedure, Düsseldorf Regional
Court therefore merely awarded the plaintiff payment of
outstanding salaries and bonuses in the amount of around
EUR 400,000 for the period between his dismissal without
notice in April 2011 and expiry of the contract in force at
that time (i.e. 30 September 2011).
However, this judgement is still subject to appeal.
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