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

44 sinGLE-Entity and GRoup manaGEmEnt REpoRt | EvEnts aFtER thE REpoRtinG pERiod
<strong>The</strong> increase in intangible assets is essentially due to
down-payments associated with a project for introducing
an integrated merchandise information system. Property,
plant and equipment remained almost unchanged at the
previous year's level.
<strong>The</strong> rise in financial assets is attributable to an increase of
EUR 1.0 million in the capital held in an associated company.
Inventories <strong>are</strong> slightly higher on account of the higherquality
ranges. Accounts receivable and other assets have
essentially increased as a result of extending further loans
to the company Gustav Wellmann GmbH & Co. KG.
<strong>The</strong> equity ratio has decreased from 19.7% in the previous
year to 15.5%. Sh<strong>are</strong>holders' equity was EUR 5.1 million
lower at EUR 26.2 million. Despite the capital increase of
EUR 26.1 million, this decrease was due to the net loss for
the year in the amount of EUR 31.2 million. <strong>The</strong> waiver of
repayment effected by a sh<strong>are</strong>holder on 6 January 2012
will lead to an increase of EUR 25.0 million in equity. When
adjusted accordingly, the sh<strong>are</strong>holders' equity reported in
the single-entity financial statements for ALNO AG within
the meaning of the German Commercial Code (HGB)
amounts to EUR 51.2 million.
Total provisions were slightly lower at EUR 29.1 million,
a drop of EUR 1.0 million. <strong>The</strong> increase in liabilities is
essentially attributable to higher other financial liabilities
and higher sums payable to affiliated companies.
Events after the reporting period
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 the 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 the 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