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

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42 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.
<strong>The</strong> extraordinary result improved by EUR 35.7 million, from EUR -11.6 million in the previous year to EUR 24.1 million. In the financial year 2011, ALNO AG also received extraordinary income in the amount of EUR 25 million from derecognizing liabilities following a waiver of repayment by Comco Holding AG. Consulting expenses in the amount of EUR 2.7 million were offset by income from the reversal of reorganization provisions in the amount of EUR 1.9 million which were no longer needed. In the previous year, extraordinary expenses resulted in the amount of EUR 7.5 million due to cutting back on personnel at the Pfullendorf plant, in the amount of EUR 0.7 million for consulting in conjunction with the company's reorganization, and in the amount of EUR 0.2 million in conjunction with winding up subsidiaries. Balance sheet of alNo aG in accordance with the single-entity financial statements pursuant to the German Commercial Code (hGB) as at 31 december 2011 sinGLE-Entity and GRoup manaGEmEnt REpoRt | EConomiC REpoRt in '000 EUR 31.12.2011 31.12.2010 ASSETS Fixed assets Intangible assets 6,384 5,638 Property, plant and equipment 15,237 15,373 Financial assets 106,482 105,482 Current assets 128,103 126,493 Inventories 9,282 9,104 Receivables and other assets 31,126 22,547 Cash in hand, bank balances 83 116 40,491 31,767 Deferred items 416 498 Excess of plan assets over pension liabilities 217 154 LIABILITIES Sh<strong>are</strong>holders' equity <strong>The</strong> previous year’s transition to accounting in line with the German Act to Modernise Accounting Law (BilMoG) additionally resulted in extraordinary expenses of EUR 3.2 million. <strong>The</strong> waiver by a sh<strong>are</strong>holder for repayment of EUR 25 million which was agreed for 2011 but only effected in 2012 will significantly improve the result reported for 2012 in the single-entity financial statements for ALNO AG according to the German Commercial Code (HGB). 169,227 158,912 Subscribed capital 67,847 45,231 Capital reserve 45,916 42,437 Net loss for the year – 87,554 – 56,389 26,209 31,279 Provisions 29,093 30,118 Other liabilities 113,925 97,515 169,227 158,912 43
Page 1 and 2: 2011 annual report
Page 3 and 4: The Alno brAnds <s
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ALNO Aktiengesellschaft 88630 Pfull
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The good prospects are based on the all-embracing ... - ALNO AG

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