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

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72 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 statements 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 measurement 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.
A remaining asset-side balancing item is recognized as <strong>good</strong>will. <strong>The</strong> unimpaired status of capitalized <strong>good</strong>will is checked within the framework of an impairment test as at the closing date. Negative differences resulting from capital consolidation <strong>are</strong> recognized as income in the consolidated income statement. Income and expenses and accounts receivable and payable between consolidated companies <strong>are</strong> eliminated, as <strong>are</strong> provisions. Interim results in the fixed assets and inventories from intra-Group deliveries <strong>are</strong> eliminated. Deferred taxes <strong>are</strong> recognized on consolidation measures with impact on profit or loss. Intra-Group guarantees <strong>are</strong> eliminated. Entities <strong>are</strong> no longer included in the consolidated financial statements when the p<strong>are</strong>nt's control ends. Currency translation <strong>The</strong> consolidated financial statements <strong>are</strong> prep<strong>are</strong>d in euros, the functional currency of ALNO AG. <strong>The</strong> annual financial statements of foreign subsidiaries <strong>are</strong> translated into euros according to the functional currency concept pursuant to IAS 21. Since all consolidated companies pursue their business independently, the functional currency is always the currency of the country concerned. Assets and liabilities <strong>are</strong> therefore translated at the exchange rate on the closing date; items in the consolidated income statement <strong>are</strong> translated at the average exchange rate of the year; equity is recognized at historical rates. Differences resulting from application of the different foreign exchange rates <strong>are</strong> recognized outside profit or loss. Differences due to currency translation of intra-Group accounts receivable and payable in foreign currency, which <strong>are</strong> neither scheduled nor expected to be settled within a foreseeable period of time, <strong>are</strong> recognized in the consolidated financial statements outside profit or loss under the provision from currency translation in accordance with IAS 21.32. Monetary assets and liabilities in foreign currency <strong>are</strong> posted in the single-entity financial statements at the exchange rate on the transaction date and translated at the closing rate on each closing date. Currency differences <strong>are</strong> recognized as income and reported under other operating income and expenses. Non-monetary foreign ConsoLidatEd FinanCiaL statEmEnts | aCCountinG poLiCiEs currency items <strong>are</strong> translated at the exchange rate on the transaction date. Exchange losses <strong>are</strong> set off against exchange gains for presentation in the consolidated income statement. <strong>The</strong> following exchange rates <strong>are</strong> applied for translating foreign currencies to euros: per EUR 31.12.2011 31.12.2010 Average rate 2011 Average rate 2010 GBP 0.8379 0.8567 0.8682 0.8589 CHF 1.2169 1.2466 1.2336 1.3833 4. suMMarY of MaIN aCCouNTING PolICIes Consideration of earnings Sales <strong>are</strong> posted at the date on which risk is transferred following delivery on the basis of the terms of sale, minus returns, volume and price discounts and value-added tax. Only the product sales resulting from ordinary business activities and the associated accessory services <strong>are</strong> recognized as sales. Earnings from services rendered <strong>are</strong> recognized in accordance with the degree of completion, if the amount of income can be reliably determined and receipt of the economic benefit can be expected. Other earnings <strong>are</strong> realized in accordance with the contractual agreements and on completion of the service. financial result <strong>The</strong> financial result essentially comprises interest income from cash investments and interest expenses for loans. Interest received and paid is recognized as income at the time of creation. Cost of financing is capitalized as part of the cost of acquisition or production, insofar as it can be assigned to a qualified asset. In all other cases, it is immediately recognized as an expense. 73
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2011 annual report
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The Alno brAnds <s
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Enthusiasm and passion Consolidated
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6 histoRy histoRy 1927 1927 Albert
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8 to ouR shaREhoLdERs | LEttER FRom
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10 to ouR shaREhoLdERs | LEttER FRo
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14 to ouR shaREhoLdERs | REpoRt oF
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20 to ouR shaREhoLdERs | aLno shaRE
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122 ConsoLidatEd FinanCiaL statEmEn
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124 dECLaRation By thE statutoRy RE
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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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