News
30.04.2010
Alno AG publishes 2009 annual report and discloses preliminary figures for Q1 2010
- Alno confirms business upswing
- Forecast for 2009 achieved: Positive EBIT of EUR 1.1 million before extraordinary write-downs
- Profitability up again in Q1 2010 based on preliminary figures
Pfullendorf/Düsseldorf, April 30, 2010 - Alno AG today published its full annual report for 2009. Growth was marked by a pleasing upswing last fiscal year. Consolidated revenues lifted (as already reported in the ad hoc announcement on April 27, 2010) by 5.6 percent from H1 to H2 as a result of the stronger demand. At the same time, in the second half of the year the Group recorded positive EBIT of EUR 3.7 million before extraordinary write-downs, after still recording negative EBIT of EUR -2.6 million from January to June 2009 before these write-downs.
These are one-off write-downs at the facility in Pfullendorf for property, plant and equipment in the amount of EUR 21.3 million and the amortization of goodwill in the amount of EUR 2.5 million as the result of impairment testing as part of the “ALNO 2013” concept. Instead of writing down these amounts over the coming years, they were consciously booked as a lump sum in 2009.
On the whole, revenues were down slightly over the entire year, however Alno AG reached its forecast of recording balanced EBIT before extraordinary write-downs. Over the year as a whole, revenues totaled EUR 493.4 million. This figure was thus 3.5 percent lower than the EUR 511.2 million recorded in 2008.
This was primarily due to weak exports, which were caused, in particular, by the real estate crisis in Southern Europe and the UK. In addition, the Group consciously did away with low-margin revenues in Germany, with the aim of increasing profitability. As a result, EBIT increased to EUR 1.1 million before extraordinary write-downs, compared to EUR 0.1 million in the previous year.
“Our business growth in 2009, and in particular the positive trend in the second half of the year, clearly signal that the programs we have put in place to turn Alno AG around are right on track,” commented the company’s CEO Jörg Deisel. “We aim to bring this long-standing group back to being financially healthy, competitive and sustainably profitable as fast as possible. I am confident that we will be able to do this using our combined forces if we put our ‘ALNO 2013’ plan into place as planned,” Mr. Deisel added.
The positive earnings growth continued during the first quarter of 2010, based on preliminary IFRS figures. EBIT lifted by EUR 2.1 million compared to Q1 2008 to EUR -0.7 million. In view of the practically stable revenues of around EUR 115 million (EUR 0.8 million lower than in the previous year), this means that earnings quality has improved substantially.
Moreover, after the end of fiscal year 2009, key milestones were reached for further growth with the Supervisory Board’s approval of “ALNO 2013” in January, a positive recapitalization report and a financing agreement with banks and shareholders in April. “This agreement is clear commitment to Alno and shows that the banks, our shareholders and we, the Managing Board, are convinced that the turnaround will be a success. We believe that the agreement sustainably secures the group’s liquidity,” commented Jörg Artmann, Alno AG’s CFO. “Our key tasks are now to make our product and production standards even more uniform, to increase capacity utilization and thus to further cut our costs. We aim to get back into competition,” added Michael Paterka, Chief Production Officer.
Based on the positive start to fiscal year 2010 and the secured financing, Alno AG is optimistic about the remainder of 2010. As a result of the improvements to workflows already put in place and the ongoing restructuring, the Managing Board believes that EBIT will continue to increase compared to 2009.
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 2009 around 1,900 employees recorded revenues of approx. EUR 493 million and EBIT of around EUR 1.1 million before extraordinary write-downs. Foreign sales accounted for 29.8% of revenues.
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Legal notice:This ad hoc disclosure 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:ALNO AG
Director Corporate Communication + Investor Relations
Airport Office I, Peter-Müller-Straße 14/14a
D-40468 Düsseldorf
Telefon: +49 (0)211-159785-3316
Telefax: +49 (0)0211-159785-773316
Mobil: +49 (0)151-195 554 64
E-mail:
andrea.wolf@alno.dePress Release Download
