ALNO's positive trend continues

Pfullendorf, 28 July 2015 – The positive trend at ALNO AG continues. Corrected to take account of special effects, the figures show that the Group's operations developed very positively during the first two quarters of 2015 – both in terms of sales and the result. In addition, all planned financial and capital measures amounting to more than 50 million euros were successfully implemented.

The provisional figures for the first half of 2015 show that the Group generated sales of 273.0 million euros, which is 2.4 percent more that the same period in the previous year (266.7 million euros). EBITDA – corrected to take account of special effects – improved by 12.2 million euros from -14.1 million euros to -1.9 million euros. Including special effects, the EBITDA in the first six months of this year amounts to 21.0 million euros. This includes effects from the deconsolidation of Impuls Küchen GmbH as at 30 June 2015, amounting to about 23 million euros. In the comparable period of the previous year, the EBITDA amounted to 38.2 million euros including about 52 million euros of special effects from the takeover of AFP.

Looking at development in the second quarter of 2015, the ALNO Group improved its EBITDA (without special effects) by 11.8 million euros to 3.6 million euros. EBITDA was -8.2 million euros in the comparable period of the previous year. Already back in the first quarter of 2015, the EBITDA (without special effects) had improved by 0.4 million euros to -5.5 million euros (previous year: -5.9 million euros).

The development of sales also confirms the positive trend of the first six months of 2015. In the second quarter of 2015, the ALNO Group increased its sales by 3.5 percent compared to the same period in the previous year, to 149.3 million euros (previous year: 144.2 million euros). Even in the first quarter of 2015, there was an improvement in sales by one percent compared to the first quarter of 2014, to 123.7 million euros (previous year: 122.5 million euros).

Gross yield ratio also positive

ALNO AG benefited from very good development in the first six months of this financial year without AFP: sales, for example, increased by 5.4 per cent to 208.3 million euros (previous year: 197.7 million euros). The operating result grew significantly year-on-year by 10.6 million euros from -11.0 million euros to -0.4 million euros.

The gross yield ratio has also improved strongly. In the second quarter of 2015 alone, it increased by 4.8 percent to 45.3 percent. (Previous year: 40.5 percent). The ratio had been 42.2 percent in the first quarter of 2015.

Globalisation and reorientation are yielding fruit

'The figures for the first half of the year clearly show that our globalisation strategy and the domestic reorientation are correct, and are having an effect,' said Max Müller, CEO of ALNO AG. 'In this regard, the price increases for the current financial year have had significantly positive effects, as did the consistent policy of avoiding low-margin sales, significant improvements in the customer structure and product mix as well as cost reductions in all areas.' The foreign companies, especially ALNO UK and ALNO Switzerland, contributed greatly to this.

Job cuts in administrative areas and management functions

The reorientation of the Group that was started in 2014 is making further progress. The key elements in this involve making production throughout Germany more flexible, optimising the brand and product portfolio and centralising administrative units as well as streamlining management functions in Germany.

A good deal of progress has been made with the latter point. For example, the Group has now successfully agreed a framework for a reconciliation of interests with the Group works council which provides for job cuts in the administrative areas and amongst management at the sites in Germany. Some jobs have also been cut abroad already in the first half of the year. In 2016, both of these measures will have already led to a sustained increase in the operating result amounting to about 7 million euros in the EBITDA.

Earnings of AFP Küchen

During the first six months – which is traditionally a weak period due to seasonal fluctuations – AFP Küchen AG was not entirely able to maintain its level of sales and achieved 65.4 million euros (previous year: 69.1 million euros). One reason was that the project business did not perform as strongly. On the other hand, the efficiency programs embarked upon at the end of 2012 are showing concrete results in their implementation, and are making themselves clearly apparent in the operating result as well. For example, AFP improved its EBITDA by 1.6 million euros to -1.5 million euros (previous year: -3.1 million euros), in spite of the decline in sales during the first half of the year. And the prospects for the second half of the year are positive, thanks to the high level of the order books.


'Even if we still have a lot of work to do before we put ALNO AG back on a sustainable profitable footing, on the whole we are satisfied with the company's development,' said Max Müller. 'We are assuming that our sales and operating result will be significantly better in the second half of the year than in the first six months of 2015 – in spite of the deconsolidation of Impuls Küchen GmbH as at 30 June of this year.'

The half-yearly financial report 2015 will be published on 28 August and made available at

About ALNO AG:

ALNO AG is one of Germany's leading kitchen manufacturers, with a staff of around 2,100 employees. From its six 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 brands Wellmann, Pino as well as Piatti and Forster Schweizer Stahlküchen or ALNOINOX. The ALNO Group operates in more than 64 countries worldwide with over 6,000 sales partners. In financial year 2014, the company recorded sales revenue of 546 million euros. Around 52 per cent of this revenue was generated abroad.


Juergen 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

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.