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

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ConsoLidatEd FinanCiaL statEmEnts | aCCountinG poLiCiEs
for employee termination payments will primarily affect the
recognition and measurement of additional sums to top up
pre-retirement part-time working arrangements.
• Improvements to IFRS 2011:
This collection of amendments introduces changes to vari-
ous standards and interpretations. Except for the rulings
specifically mentioned below, these changes <strong>are</strong> without
effect for the consolidated financial statements:
IAS 1 – Presentation of Financial Statements: Compara-
tive information: <strong>The</strong> proposed amendment establishes
that, above and beyond the comparative period for which
disclosure is mandatory, only individual items of comparative
information need be disclosed voluntarily without at
the same time creating an obligation to disclose a complete
comparative financial statement. In addition, it also
establishes that, when accounting policies <strong>are</strong> changed
retroactively or when balance sheet items <strong>are</strong> adjusted
or reclassified retroactively, the third balance sheet for
which disclosure is mandatory must always be prep<strong>are</strong>d
at the start of the comparative period for which disclosure
is mandatory. Notes to this balance sheet <strong>are</strong> no longer
mandatory.
IAS 32 – Financial Instruments: Presentation: <strong>The</strong> proposed
amendment eliminates the conflict between IAS 32 and IAS
12 "Income Taxes" with regard to recognition of the tax
consequences of dividend payments and transaction costs
resulting from the issue and retirement of equity instruments.
<strong>The</strong>se must be reported in compliance with IAS 12.
IAS 34 – Interim Financial Reporting: Segment assets and
segment liabilities need only be disclosed in the interim
report if the disclosure forms the subject of regular reporting
to the main decision-making body of the entity. This
proposed amendment brings the disclosure requirements
of IAS 34 into line with those of IFRS 8 "Operating Segments".
3. CoNsolIdaTIoN PrINCIPles
scope of consolidation
Group p<strong>are</strong>nt is the company ALNO AG which is entered
in the Register of Companies of Ulm Local Court (HRB
727041). As in the previous year and in accordance with
the principles of full consolidation, the consolidated financial
statements as at 31 December 2011 include not only
ALNO AG, but also nine German and three foreign companies
in which ALNO AG directly or indirectly holds up to
100% of the sh<strong>are</strong> capital.
In addition and again as in the previous year, two special
purpose entities in which ALNO AG exercises financial
control over the companies <strong>are</strong> also fully consolidated as
permitted by IAS 27 in combination with SIC 12. ALNO AG
holds 100% of the sh<strong>are</strong>s in both companies, but does not
have any voting rights under the partnership agreements.
ALNO Middle East FZCO, Dubai/UAE (ALNO Middle East),
(50% holding), is included in the consolidated financial
statements according to the equity method.
Consolidation policies
All companies included in the consolidated financial state-
ments prep<strong>are</strong> their annual financial statements as per the
closing date of the single-entity financial statements of
ALNO AG, i.e. as per the closing date of the consolidated
financial statements. <strong>The</strong> consolidated financial statements
<strong>are</strong> prep<strong>are</strong>d on the basis of uniform recognition and meas-
urement policies in compliance with the IFRS requirements
to be applied in the EU.
Capital consolidation is effected in accordance with IFRS
3 using the acquisition method. At the time of acquiring
control, the subsidiary's new measured assets and liabilities,
as well as contingent liabilities insofar as they <strong>are</strong> not
contingent on a future event, <strong>are</strong> offset at the fair value of
the consideration paid for the asset or liability. Contingent
purchase price payments <strong>are</strong> included in the fair value of
the consideration to be paid in the expected amount and
carried as liabilities. Subsequent adjustments in contingent
purchase price payments <strong>are</strong> recognized as profit or loss.
Incidental costs associated with the acquisition <strong>are</strong> carried
as expenses at the time incurred.