DGAP-News: ALNO AG: ALNO AG publishes its results for the first half of 2011
(firmenpresse) - DGAP-News: ALNO AG / Key word(s): Half Year Results
ALNO AG: ALNO AG publishes its results for the first half of 2011
31.08.2011 / 19:12
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ALNO AG publishes its results for the first half of 2011
- Focus on the restructuring of the company defines the first half year
of 2011
- ALNO AG expects an increased group EBITDA compared to last year
- Healthy order books for the second half year 2011
Pfullendorf, August 31, 2011 - ALNO AG, one of the world's largest
manufacturers of fitted kitchens, has published its figures for the first
half of 2011. Despite the economic recovery, ALNO was not yet participating
in the kitchen market's growth in the reporting period. The Group's revenue
and earnings trends are still burdened by the parallel production of the
new and old Wellmann range at the company's site in Enger. These production
problems have now been solved and no further losses are expected to arise
from these problems from September onwards.
'In the first half year, we have worked hard to implement the restructuring
of the company and to optimize our internal processes,' said Max Müller,
CEO of ALNO AG. 'Thanks to the systemic implementation of our concept for
reorganization and the healthy order books for the second half year,
including large international commissions, we are optimistic about the
coming months and expect an increase in the overall EBITDA for 2011
compared to last year's figure.'
In the first six months of the fiscal year, consolidated revenue fell by
4.7% to EUR 222.7 million as opposed to last year's figure (EUR 233.7
million). Domestic revenue declined by 3.7% to EUR 160.8 million. Due to
the liquidation of five foreign subsidiaries and their reorganization into
sales units in the second half of 2010, revenue generated outside Germany
dropped by 7.3% to EUR 61.9 million. As a result, the share of foreign
sales in total sales (the export ratio) fell from 28.6% to 27.8%. Due to
significant price increases on the supplier side, and despite lower
revenue, the cost of materials rose from EUR 135.1 million to EUR 140.7
million. As a consequence, the cost of materials ratio deteriorated by 5%
in a year-on-year comparison since price increases were not compensated by
higher selling prices. Moreover, transportation expenses rose on the back
of mineral oil price hikes. In summary, consolidated EBITDA declined from
EUR 7.5 million in the previous year to EUR -8.5 million. There was an even
more marked decrease in EBIT, which fell from EUR 1.5 million to EUR -15.4
million. Earnings per share stood at EUR -0.95, compared with EUR -0.15 a
year ago.
Numerous problems across the Group have already been solved starting May
2011 to date. Along with the normalization of production at the Enger site
mentioned above, further examples include the optimization of workflow
processes and internal logistics, and personnel improvements to the
management structure. New orders placed for the coming months are also
significantly higher than last year's levels. Particularly noteworthy are
the orders newly acquired in Turkey and China. After the end of the
reporting period, ALNO raised revenue in July 2011 by around EUR 5.5
million compared with July 2010. Within one month, this has already
compensated for around half of the year-on-year decline in revenue of EUR
11.0 million in the first six months.For the second half of the year, the
Managing Board anticipates that it can virtually recover the drop in
revenue that has been incurred in the interim. ALNO is therefore retaining
the forecast it issued in preparation for its annual financial statements
of an increase in full-year consolidated EBITDA compared with the figure of
around EUR 1.0 million that was reported for 2010. Moreover, the relief to
the balance sheet and the improvement of equity in the wake of the
Restructuring Agreement II from February 9, 2011, will begin to take effect
in the second half of 2011.
Furthermore, with respect to its 2012 export business, ALNO expects a
significant increase in its foreign sales from the recruitment of
additional personnel and other measures in the second half of 2011.
About ALNO AG:
ALNO AG is one of Germany's leading kitchen manufacturers. It has four
national production facilities and also a production facility in Dubai, and
serves the German and international markets with a full range of kitchens.
The ALNO Group has four brands: the core brand ALNO and also WELLMANN
(classic/modern), IMPULS (minimalist) and PINO (entry-level prices). ALNO
AG has around 7,000 distribution partners and is active in more than 64
countries. In fiscal year 2010 around 1,787 employees recorded revenues of
approx. EUR 467.3 million. Foreign sales accounted for 28.4% of revenues.
Note for editors:
If you would like to find out more about ALNO and its products, then please
visit our online press center at www.alno.ag/3687.0.html. There you can
also find ready-to-print images of people and products.
Legal notice:
This press release may include forward-looking statements, which are based
on the current expectations and forecasts of ALNO AG's management or its
associated companies. Various known and unknown risks, uncertainties and
other factors may lead to the actual results, financial position, or
performance of ALNO AG and its affiliated companies deviating substantially
from the estimates included herein. Neither ALNO AG nor its affiliated
companies undertake to update any such forward-looking statement and to
adjust these to future events or developments.
Contact:
CNC AG
Patricia Eschenlohr
T +49/ 172 8106376
E Patricia.Eschenlohr(at)cnc-communications.com
End of financial news
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137835 31.08.2011
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Datum: 31.08.2011 - 19:12 Uhr
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