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

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74 ConsoLidatEd FinanCiaL statEmEnts | aCCountinG poLiCiEs Income taxes As required by IAS 12, income tax refunds and liabilities for the current and prior periods <strong>are</strong> measured in the expected amount of the refund from, or payment to, the tax authorities. Amounts <strong>are</strong> calculated on the basis of the tax rates and tax laws in force on the balance sheet date. In addition, the deferred income tax reliefs or burdens to be calculated in compliance with IAS 12 from temporary differences between the carrying values recognized in the consolidated financial statements prep<strong>are</strong>d according to IFRS and their local tax bases, as well as from consolidation measures, <strong>are</strong> recognized as either deferred tax assets or deferred tax liabilities. Deferred tax assets <strong>are</strong> additionally recognized on tax loss carryforwards if it is sufficiently probable that the resultant tax reliefs will actually occur in the future. <strong>The</strong> soundness of deferred tax assets on tax loss carryforwards is assessed on the basis of the tax planning for the next four years. Recognition of deferred tax assets also takes account of the existence of temporary differences to be taxed in conjunction with the same tax authorities and the same tax subject. Deferred taxes <strong>are</strong> calculated on the basis of the tax rates in force in the various countries at the time of realization or to be expected with reasonable probability according to the present legal situation. <strong>The</strong> carrying amount of deferred tax assets is checked on each closing date and reduced to the extent that adequate taxable income which can at least partly be set off against the deferred tax entitlement no longer appears probable. Unrecognized deferred tax entitlements <strong>are</strong> checked on each closing date and recognized to the extent that future taxable income makes realization of the deferred tax entitlement probable. Deferred tax assets and liabilities <strong>are</strong> netted when the conditions have been met for setting off taxes receivable against taxes payable. In addition, deferred tax assets and liabilities <strong>are</strong> not recognized when they result from first-time recognition of <strong>good</strong>will or of an asset or liability associated with a transaction not relating to a business combination, and when such first-time recognition impacts neither the reported Profit/ loss before income taxes nor the taxable income. Deferred taxes relating to items which <strong>are</strong> directly recognized in equity <strong>are</strong> reported in equity and not in the consolidated income statement. Turnover tax Income, expenses, intangible assets and property, plant and equipment <strong>are</strong> recognized after deduction of turnover tax, insofar as the turnover tax can be collected or is refunded by a tax authority. Accounts receivable and payable <strong>are</strong> recognized inclusive of turnover tax. Provisions <strong>are</strong> carried as liabilities without considering turnover tax. <strong>The</strong> amount of turnover tax refunded by, or payable to, a tax authority is reported under other assets and other liabilities. Intangible assets Purchased and self-generated intangible assets <strong>are</strong> capitalized in compliance with IAS 38 at their acquisition or production cost if use of the asset is probably associated with future economic benefit and the costs of the asset can be reliably determined. <strong>The</strong> cost of production of intangible assets exclusively comprises directly attributable costs. With regard to the reporting and measurement of <strong>good</strong>will, we refer to the information provided on consolidation policies, as well as to the information in the Section "Impairment test for <strong>good</strong>will". Other intangible assets – predominantly softw<strong>are</strong> and other industrial property rights – <strong>are</strong> recognized at acquisition cost and amortized in accordance with their useful life of two to ten years. Carrying amounts, useful life and amortization methods <strong>are</strong> reviewed at the end of each financial year and adjusted if required. Research costs and development costs which cannot be capitalized <strong>are</strong> recognized as expense items at the time incurred.
An intangible asset is derecognized either on disposal or when further use or sale of the asset is not expected to yield any further economic benefit. Gains or losses resulting from the disposal of assets <strong>are</strong> calculated as the difference between net proceeds from sale and carrying amount of the asset and recognized as income in the income statement in the period in which the asset is derecognized. Property, plant and equipment Property, plant and equipment <strong>are</strong> measured at acquisition or production cost in compliance with IAS 16, minus amortization, depreciation and impairment losses. <strong>The</strong>y <strong>are</strong> written down on a straight-line basis and pro rata temporis in accordance with the following estimated useful economic life: Years Buildings 25 – 60 Machinery, factory and office equipment 2 – 25 Computer systems 3 – 7 Property, plant or equipment is derecognized either on disposal or when further use or sale of the asset is not expected to yield any further economic benefit. Gains or losses resulting from the disposal of assets <strong>are</strong> calculated as the difference between net proceeds from sale and carrying amount of the asset and recognized as income in the income statement in the period in which the asset is derecognized. Carrying amounts, useful life and amortization methods <strong>are</strong> reviewed at the end of each financial year and adjusted if required. Government grants and subsidies do not lead to a reduction in the cost of acquisition of the relevant assets, but <strong>are</strong> instead carried as deferred liabilities in compliance with IAS 20.24 and reversed as income over the useful life of the subsidized assets. ConsoLidatEd FinanCiaL statEmEnts | aCCountinG poLiCiEs finance leases ALNO AG is lessee of factory and office equipment. In compliance with IAS 17, economic ownership of the leased assets must be attributed to the lessee if the latter acquires all the main risks and rewards associated with the asset (finance lease). All leased assets which <strong>are</strong> classified as belonging to a finance lease <strong>are</strong> capitalized in the consolidated financial statements at the lower of the fair value and present value of the lease payments. Leased assets <strong>are</strong> depreciated by the straight-line method over the shorter of their useful life or the lease term Impairment tests IMPaIrMeNT TesT for GoodWIll Goodwill from business combinations is attributed to the cash generating units benefiting from the combinations. <strong>The</strong> <strong>good</strong>will ascribed to ALNO AG in previous years in the amount of EUR 2,535 thousand was fully adjusted following the impairment test performed in the financial year 2009. <strong>The</strong> complete remaining <strong>good</strong>will in the ALNO Group in the amount of EUR 1,483 thousand is attributed to the CASAWELL Group. <strong>The</strong> CASAWELL Group comprises Gustav Wellmann GmbH & Co. KG and its subsidiaries. <strong>The</strong> unimpaired status of <strong>good</strong>will is determined on the basis of impairment tests at year-end and also during the year if there <strong>are</strong> any signs of an impairment. When performing impairments tests to IAS 36, the recoverable amount is determined for the cash generating unit concerned. <strong>The</strong> recoverable amount is the higher of the fair value of the cash generating unit minus costs to sell or value in use. <strong>The</strong> value in use is equal to the present value of future cash flows expected from continued use of the cash generating unit and its disposal at the end of its useful life. <strong>The</strong> value in use is determined in compliance with IAS 36 using the discounted cash flow method <strong>based</strong> on data from the authorized corporate planning after correction for investment in expansion and planned reorganization. <strong>The</strong> planning horizon always covers four years. In the case of the cash generating unit ALNO, the planning horizon was extended by an additional period, as the first four years only displayed negative targets. Cash flows <strong>are</strong> discounted using the weighted average capital cost (WACC) for a group of comparable entities, taking into account the 75
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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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22 Consolidated finanCial statement
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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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