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

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sinGLE-Entity and GRoup manaGEmEnt REpoRt | EConomiC REpoRt
Ix. sINGle-eNTITY fINaNCIal sTaTeMeNT for
alNo aG IN aCCordaNCe WITh <strong>The</strong> GerMaN
CoMMerCIal Code (hGB)
Income statement for alNo aG in accordance with
the single-entity financial statement pursuant to the
German Commercial Code (hGB) for 2011
in '000 EUR 2011 2010
Sales revenue 98,373 103,833
Changes in inventories and capitalized <strong>good</strong>s and services for own account 370 – 2,193
Other operating income 32,781 20,507
Total operating revenues 131,524 122,147
Cost of materials 58,276 48,073
Personnel expenses 41,379 41,443
Other operating expenses and other taxes 79,689 41,684
EBITDA – 47,820 – 9,053
Write-downs 5,711 7,310
EBIT – 53,531 – 16,363
Financial result – 1,776 13,359
EBT – 55,307 – 3,004
Extraordinary result 24,142 – 11,630
Taxes on income 0 11
Net loss for the year – 31,165 – 14,623
ALNO AG once again had to absorb lower sales in the financial
year 2011. Sales revenue in Germany fell by 3.6%, with
a sharper drop of 8.2% in foreign sales. Net proceeds per
unit improved slightly, from roughly EUR 208 to EUR 209.
<strong>The</strong> gross profit quota in the single-entity financial statements
of ALNO AG in accordance with the German Commercial
Code (HGB) declined significantly in the financial year 2011,
dropping 10.5 percentage points to 41.1% (previous year:
51.6%). This is due on the one hand to the inappropriate
price policy launched in 2010 and to a disproportionate rise
in the cost of materials in relation to sales revenue on the
other. Gross profit suffered under the decline in foreign business
with its high margins, as well as under the increase in
low-margin intra-Group component business. This effect was
further intensified by the higher volume of sales of higherquality
ranges (especially glass), as it was not yet possible to
adjust selling prices in line with the significantly higher prices
demanded by suppliers.
Other operating income rose 59.9% to EUR 32.8 million, due
mainly to changes in the structure of netting sales expenses
within the Group. Personnel expenses remained almost
unchanged at the previous year's level.
Other operating expenses and other taxes increased by EUR
38.0 million or 91.2% to EUR 79.7 million, due mainly to
valuation allowances for accounts receivable from affiliated
companies in the amount of EUR 27.9 million on the one
hand and to changes in the structure of intra-Group set-offs,
which in turn <strong>are</strong> offset by higher other operating income.
Financial performance was significantly lower than in the previous
year, with a drop of EUR 15.1 million. In the previous
year, this item included financial income from the waiver by
banks for repayment of a loan in the amount of EUR 10.0
million in accordance with the restructuring agreement I of 23
April 2010. In addition, write-downs in the amount of EUR 2.8
million on the holdings in affiliated companies were required
in the previous year. Income under profit transfer agreements
decreased by EUR 7.8 million.