Alno AG lifts operating result in H1 2010

ALNO AG / Half Year Results/Miscellaneous

31.08.2010 07:59

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- Consolidated earnings also improve significantly
- To date, all interim targets in 'ALNO 2013' have been reached
- Positive outlook

Düsseldorf, August 31, 2010 - Alno AG, one of the world's largest
manufacturers of fitted kitchens, successfully drove its restructuring
process in the first six months of fiscal year 2010. The group was already
able to significantly improve its earnings as part of the consistent
orientation of all of its divisions to the 'ALNO 2013' concept. EBIT
totaled EUR 1.5 million on June 30, 2010, compared to EUR -2.8 million in
the previous year. At the same time, consolidated earnings improved
substantially in the course of just one year: In absolute terms, the net
loss fell from EUR -11.8 million in the first half of 2009 to a current EUR
-2.8 million.

Consolidated revenues in the first six months of 2010 totaled EUR 233.7
million. This figure is thus 2.6% lower than the EUR 240.0 million recorded
in the first six months of 2009, which is primarily due to the weaker
export business. Revenues recorded outside Germany fell by almost eight
percent to EUR 66.8 million as a result of the real estate crisis in
Southern Europe and the United Kingdom. In contrast, revenues in Germany
only fell by around one percent to EUR 166.9 million, although business
with low-margin products was consciously discontinued in Germany in order
to increase profitability.

In total, three of the four group brands (Wellmann, Impuls and Pino)
recorded higher revenues. Revenues for the Alno brand were strategically
reduced as part of the repositioning and reorganization of the product
range. At the same time, the group succeeded in increasing its income
quality and re-acquired several strategic key accounts. The Impuls brand
recorded the strongest growth in the period under review, benefiting from
the successful test run for its fast-track kitchen. This will be offered as
a standard solution in Germany from September 26, 2010. In addition,
several customers changed over to Impuls products as part of the changed
price policy for the Alno brand, which led to increased demand for the
Impuls brand.

The future-oriented milestones achieved in the first six months of the year
included the reorganization survey by PricewaterhouseCoopers AG. In March,
this survey provided the Alno Group with confirmation that it is capable of
turning around and recording profits at a standard level within the
industry based on its restructuring activities, some of which are already
being implemented. In addition, a reorganization agreement was concluded
with banks and main shareholders in April. Two capital increases were also
successfully placed in the first six months, and an end-to-end
restructuring program for production and administration was launched.

Jörg Deisel, Alno AG's CEO, believes that the positive earnings growth
confirms the efficiency of the 'ALNO 2013' concept. 'To date, we have met
all of our milestones in full. That means that Alno is right on track. The
six-month figures clearly show that ,ALNO 2013' is having a positive
effect. And that shows me that we are right on track to bring our company
back into the profit zone and back into competition.'

Thanks to the 'ALNO 2013' concept, which has run on schedule to date, the
slight improvement in the economy which has been enjoyed for the past few
months, and the business growth in the first half of 2010, Alno AG's
Managing Board has a confident view of the remainder of the year.

In connection with the process improvements already implemented as part of
the restructuring and the ongoing optimization projects, the management has
thus confirmed its forecast of being able to further increase its operating
result in 2010 compared to 2009 before the restructuring costs still to be
incurred. The company believes that this is conditional upon the market for
kitchen furniture not slumping by a double-digit amount in the coming
months compared to the previous year.

Alno AG's full H1 report will be available for downloading on its Web site
www.alno.de in the Investor Relations section on August 31, 2010.


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 as well as 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.

Note for editors:
If you would like to find out more about Alno and its products, then please
visit our online press center at http://www.Alno.ag/3687.0.html. You can
also find ready-to-print images of people and products in our press center.

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 forwardlooking statement and to
adjust these to future events or developments.

If the assumptions or forecasts prove to be incorrect either in full or in
part, or if unforeseen risks arise, Alno AG's business growth could differ
from expectations. As a result, Alno AG is not liable for any of the
comments made in this press release.



Contact:
ALNO AG
Head of Corporate Communication & Investor Relations
Andrea Wolf
Airport Office I, Peter-Müller-Straße 14/14a
40468 Düsseldorf
Telephone: +49 / 211 / 159 785 33 16
Telefax:   +49 / 211 / 159 785 77 3316
E-mail: Andrea.wolf@alno.de









31.08.2010 Ad hoc announcement, Financial News and Press Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      ALNO AG
              Airport Office I, Peter-Müller-Straße 14/14a
              40468 Düsseldorf
              Deutschland
Phone:        +49 / 211 / 159 785 33 16
Fax:          +49 / 211 / 159 785 77 3316
E-mail:       andrea.wolf@alno.de
Internet:     www.alno.de
ISIN:         DE0007788408
WKN:          778840
Listed:       Regulierter Markt in Frankfurt (General Standard), Stuttgart;
              Freiverkehr in München, Düsseldorf, Berlin
 
End of News                                     DGAP News-Service
 
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