Positive equity for the first time since 2006

Pfullendorf, 15 May 2014 – With the acquisition of AFG Küchen AG (renamed AFP
Küchen AG), ALNO AG has taken an important step towards increasing its earnings
potential. Based on the purchase price allocation conducted by the accounting firm
of Deloitte & Touche, as of the end of the first quarter of 2014, ALNO AG had a
consolidated net income of 29.7 million euros (Q1 2013: -2.1 million euros). Equity
capital increased to 18.3 million euros (Q1 2013: -9.5 million euros), thus returning
to the positive side after eight years in the red. The net assets of AFP Küchen AG
are significantly greater than its purchase price.

Quarterly earnings for ALNO AG including AFP Küchen AG

At 122.5 million euros, sales of ALNO AG in Q1 2014, including sales of AFP
Küchen AG, fell just short of its own projections. This development was primarily
due to the decline in large-surface sales, the postponement of individual projects
abroad and a persistently weak domestic market. EBITDA for ALNO AG including
AFP Küchen AG in Q1 2014, based on the preliminary purchase price allocation,
was 37.8 million euros, EBIT 32.4 million euros and consolidated net income 29.7
million euros.

Overall, the foreign business of the ALNO Group performed well in the first quarter,
with more than 47 per cent of group revenues generated abroad.

Quarterly earnings for ALNO AG excluding AFP Küchen AG

In the first quarter of 2014, sales of ALNO AG excluding AFP Küchen AG were 96.8
million euros compared to 100.4 million euros during the same period last year.
After special items totalling 3.9 million euros, sales in 2013 were on par with the
previous year. EBITDA totalled -2.2 million euros versus 3.2 million euros in the
comparison period. EBIT was -5.7 million euros (previous year: -0.1 million euros).
Consolidated net income was -8.5 million euros. Due to special items in the amount
of 5.5 million euros, consolidated net income in Q1 2013 totalled -2.1 million euros.
New orders continued their upward trend: as of the end of March, they were up
4.5% from the same period last year.

AFP Küchen AG quarterly earnings

In the first quarter, which is typically a slow season, AFP Küchen AG generated
sales of 25.7 million euros – a 13.7% increase over the same period last year (22.6
million euros). EBITDA for the first quarter was -3.3 million euros (2013: -3.3 million
euros), EBIT -4.0 million euros (Q1 2013: -3.9 million euros) and net income for the
period -4.5 million euros (Q1 2013: -4.3 million euros). The outlook for the coming
months is very positive. Orders on hand for the current 2014 financial year totalled
82 million euros as of the end of March, up 15.8% already from the same period last

Additional sales potential with ALNOINOX and product expansion

'The acquisition of AFP Küchen AG will bring us a whole range of benefits,' says
Max Müller, CEO of ALNO AG. 'In the coming months, we will really begin seeing
the positive operational effects of the acquisition.' Müller sees additional sales
potential in Switzerland with the Piatti brand through the expansion of the product
line in the premium and entry-level segments. Also, in the future the Forster
Schweizer Stahlküchen brand will be marketed under the ALNOINOX international
name. The new brand had its first successful appearance in April at the Milan
Furniture Fair, the largest one of its kind in the world.

About ALNO AG:
ALNO AG is one of Germany's leading kitchen manufacturers, with a staff of around 2,300 employees. From
its seven international production sites the corporation provides a full range of kitchens to the German market
and international markets. In addition to the core ALNO brand, the ALNO Group also owns the Wellmann,
Impuls, Pino, Piatti and ALNOINOX brands. The ALNO Group operates in more than 64 countries worldwide
with over 6,000 sales partners. In financial year 2013, the company recorded sales revenue of 395 million
euros. Around 33 per cent of this revenue was generated abroad.

Jürgen Schulze-Ferebee
Head of Corporate Communications & Investor Relations
Heiligenbergerstrasse 47
88630 Pfullendorf, Germany
Tel.: +49 / 75 52 / 21 – 33 16
Fax: +49 / 75 52 / 21 – 77 3316
Email: presse@alno.de

Legal note:
This press release may contain certain forward-looking statements that are based on current assumptions
and prognoses made by the corporate management of ALNO AG or its affiliated companies. Various known
and unknown risks and uncertainties as well as other factors may lead to significant deviations in the actual
results, financial position, development or performance of ALNO AG and its affiliated companies from the
opinions and estimates provided here. Neither ALNO AG nor its affiliated companies are under any obligation
to update such forward-looking statements or to revise them in light of future events or developments.