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

d. Capital management
ConsoLidatEd FinanCiaL statEmEnts | notEs to thE ConsoLidatEd statEmEnt oF FinanCiaL position
Group equity displays a negative value in the amount of
EUR 73,344 thousand and is made up as follows:
in '000 EUR 31.12.2011 31.12.2010
Subscribed capital 67,847 45,231
Capital reserve 45,916 42,437
Accumulated net income – 187,107 – 157,390
Total – 73,344 – 69,722
Implementation of the restructuring agreement II signed
on 7 February 2011 yielded effects totalling EUR 51.1 mil-
lion (capital increase and waiver of repayment) which have
improved the Group equity and offset the net loss for the
year. In early January 2012, the waiver of repayment in the
amount of EUR 25 million by a major sh<strong>are</strong>holder which
was originally planned for 2011 led to a further significant
improvement in equity.
<strong>The</strong> ALNO Group's net financial liabilities <strong>are</strong> as follows:
31.12.2011
in '000 EUR
31.12.2010
in '000 EUR
Change
in '000 EUR
Change
in %
Sh<strong>are</strong>holder loans and other financial liabilities
Non-current 10,482 13,057 – 2,575 – 19.7
Current 99,447 73,495 25,952 35.3
109,929 86,552 23,377 27.0
Minus liquid assets – 2,243 – 3,041 – 798 – 26.2
Net financial liabilities 107,686 83,511 24,175 28.9
Total assets 159,670 157,698 1,972 1.3
Net financial liabilities in % of total assets 67.4 53.0
Net financial liabilities have increased by EUR 24,175
thousand of 28.9% over the previous year as a result of
transforming trade accounts payable into financial liabilities
in the amount of EUR 28,898 thousand. At the same
time, total trade accounts payable declined by EUR 18,228
thousand, due to a waiver of repayment in the amount of
EUR 25,000 thousand and the aforementioned transformation.
Since equity decreased by EUR 3,622 thousand, this
consequently led to a slight rise of EUR 1,972 thousand
or 1.3% in total assets as comp<strong>are</strong>d to the previous year.
<strong>The</strong> increase in total assets was essentially due to lower
utilization of the factoring volume in relation to the previous
year while gross trade accounts payable remained virtually
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